Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,187/mo
+$199/mo- Down payment
- $39,514
- Funds due
- $50,950
- Interest + MI left
- $521,033
- First ends
- Nov 2053
New loan
New conventional
$2,988/mo
Lowest payment- Down payment
- $42,500
- Funds due
- $51,711
- Interest + MI left
- $559,278
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $385,486 | $382,500 |
| Second mortgage | — | — |
| First P&I | $2,684.41 | $2,591.19 |
| Second P&I | — | — |
| Mortgage insurance | $182.71 | $76.50 |
| Taxes, insurance & HOA | $320.00 | $320.00 |
| Total housing payment | $3,187.12 | $2,987.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,514
Closing costs & prepaids$11,436
Usable credit−$0
Total buyer cash needed$50,950
Earnest money paid−$0
Remaining funds due$50,950
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$510.00
Prepaid interest, first (6 days)$451.18
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$86,163Through Dec 2026
Assumption only · ends Nov 2053$521,033
New conventional · ends Jan 2057$559,278