Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,065/mo
+$304/mo- Down payment
- $22,480
- Funds due
- $33,828
- Interest + MI left
- $486,695
- First ends
- Sep 2053
New loan
New conventional
$2,762/mo
Lowest payment- Down payment
- $37,900
- Funds due
- $47,038
- Interest + MI left
- $498,745
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $356,520 | $341,100 |
| Second mortgage | — | — |
| First P&I | $2,513.51 | $2,310.73 |
| Second P&I | — | — |
| Mortgage insurance | $169.21 | $68.22 |
| Taxes, insurance & HOA | $382.58 | $382.58 |
| Total housing payment | $3,065.31 | $2,761.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,480
Closing costs & prepaids$11,348
Usable credit−$0
Total buyer cash needed$33,828
Earnest money paid−$0
Remaining funds due$33,828
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,790.00
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)$454.75
Initial HOA (3 months)$243.00
Prepaid interest, first (9 days)$635.58
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 9 moOf the original 30-year loan at 7.23%
Interest already paid$85,358Through Dec 2026
Assumption only · ends Sep 2053$486,695
New conventional · ends Jan 2057$498,745