Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,161/mo
+$209/mo- Down payment
- $21,762
- Funds due
- $33,686
- Interest + MI left
- $431,154
- First ends
- Nov 2053
New loan
New conventional
$2,952/mo
Lowest payment- Down payment
- $34,900
- Funds due
- $44,671
- Interest + MI left
- $459,266
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $327,238 | $314,100 |
| Second mortgage | — | — |
| First P&I | $2,244.63 | $2,127.82 |
| Second P&I | — | — |
| Mortgage insurance | $155.26 | $62.82 |
| Taxes, insurance & HOA | $761.58 | $761.58 |
| Total housing payment | $3,161.47 | $2,952.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,762
Closing costs & prepaids$11,924
Usable credit−$0
Total buyer cash needed$33,686
Earnest money paid−$0
Remaining funds due$33,686
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,490.00
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)$418.75
Initial HOA (3 months)$1,416.00
Prepaid interest, first (6 days)$374.40
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 6.96%
Interest already paid$71,538Through Dec 2026
Assumption only · ends Nov 2053$431,154
New conventional · ends Jan 2057$459,266