Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,499/mo
+$332/mo- Down payment
- $27,076
- Funds due
- $38,916
- Interest + MI left
- $570,239
- First ends
- Nov 2053
New loan
New conventional
$3,167/mo
Lowest payment- Down payment
- $44,500
- Funds due
- $54,074
- Interest + MI left
- $585,597
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $417,924 | $400,500 |
| Second mortgage | — | — |
| First P&I | $2,926.72 | $2,713.13 |
| Second P&I | — | — |
| Mortgage insurance | $198.01 | $80.10 |
| Taxes, insurance & HOA | $373.83 | $373.83 |
| Total housing payment | $3,498.57 | $3,167.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,076
Closing costs & prepaids$11,840
Usable credit−$0
Total buyer cash needed$38,916
Earnest money paid−$0
Remaining funds due$38,916
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,450.00
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$534.00
Initial HOA (3 months)$137.49
Prepaid interest, first (6 days)$493.26
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing26 yr 11 moOf the original 30-year loan at 7.18%
Interest already paid$94,182Through Dec 2026
Assumption only · ends Nov 2053$570,239
New conventional · ends Jan 2057$585,597