Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,185/mo
+$28/mo- Down payment
- $37,231
- Funds due
- $47,564
- Interest + MI left
- $292,457
- First ends
- Nov 2053
New loan
New conventional
$2,157/mo
Lowest payment- Down payment
- $24,990
- Funds due
- $33,288
- Interest + MI left
- $328,856
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $212,669 | $224,910 |
| Second mortgage | — | — |
| First P&I | $1,496.31 | $1,523.62 |
| Second P&I | — | — |
| Mortgage insurance | $100.73 | $44.98 |
| Taxes, insurance & HOA | $588.00 | $588.00 |
| Total housing payment | $2,185.04 | $2,156.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,231
Closing costs & prepaids$10,333
Usable credit−$0
Total buyer cash needed$47,564
Earnest money paid−$0
Remaining funds due$47,564
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,499.00
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)$300.00
Initial HOA (3 months)$1,014.00
Prepaid interest, first (7 days)$294.88
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 7.23%
Interest already paid$48,253Through Dec 2026
Assumption only · ends Nov 2053$292,457
New conventional · ends Jan 2057$328,856