Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,730/mo
+$405/mo- Down payment
- $15,576
- Funds due
- $27,868
- Interest + MI left
- $585,827
- First ends
- Nov 2053
New loan
New conventional
$3,325/mo
Lowest payment- Down payment
- $44,900
- Funds due
- $54,913
- Interest + MI left
- $590,861
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $433,424 | $404,100 |
| Second mortgage | — | — |
| First P&I | $3,018.23 | $2,737.51 |
| Second P&I | — | — |
| Mortgage insurance | $205.43 | $80.82 |
| Taxes, insurance & HOA | $506.58 | $506.58 |
| Total housing payment | $3,730.25 | $3,324.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,576
Closing costs & prepaids$12,292
Usable credit−$0
Total buyer cash needed$27,868
Earnest money paid−$0
Remaining funds due$27,868
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,490.00
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)$538.75
Initial HOA (3 months)$531.00
Prepaid interest, first (6 days)$507.28
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 7.12%
Interest already paid$96,878Through Dec 2026
Assumption only · ends Nov 2053$585,827
New conventional · ends Jan 2057$590,861