Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,506/mo
+$182/mo- Down payment
- $20,643
- Funds due
- $31,225
- Interest + MI left
- $353,881
- First ends
- Nov 2053
New loan
New conventional
$2,325/mo
Lowest payment- Down payment
- $28,000
- Funds due
- $36,493
- Interest + MI left
- $368,466
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $259,357 | $252,000 |
| Second mortgage | — | — |
| First P&I | $1,816.28 | $1,707.14 |
| Second P&I | — | — |
| Mortgage insurance | $122.88 | $50.40 |
| Taxes, insurance & HOA | $567.00 | $567.00 |
| Total housing payment | $2,506.16 | $2,324.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,643
Closing costs & prepaids$10,582
Usable credit−$0
Total buyer cash needed$31,225
Earnest money paid−$0
Remaining funds due$31,225
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,800.00
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)$336.00
Initial HOA (3 months)$915.00
Prepaid interest, first (6 days)$306.11
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$58,448Through Dec 2026
Assumption only · ends Nov 2053$353,881
New conventional · ends Jan 2057$368,466