Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,542/mo
+$1,339/mo- Down payment
- $0
- Funds due
- $10,559
- Interest + MI left
- $592,438
- First ends
- Nov 2053
New loan
New conventional
$2,203/mo
Lowest payment- Down payment
- $29,325
- Funds due
- $37,494
- Interest + MI left
- $385,902
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $413,937 | $263,925 |
| Second mortgage | — | — |
| First P&I | $2,983.49 | $1,787.92 |
| Second P&I | — | — |
| Mortgage insurance | $195.76 | $52.79 |
| Taxes, insurance & HOA | $362.33 | $362.33 |
| Total housing payment | $3,541.58 | $2,203.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,559
Usable credit−$0
Total buyer cash needed$10,559
Earnest money paid−$0
Remaining funds due$10,559
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,932.50
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)$352.00
Initial HOA (3 months)$285.00
Prepaid interest, first (9 days)$764.48
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 11 moOf the original 30-year loan at 7.49%
Interest already paid$97,216Through Dec 2026
Assumption only · ends Nov 2053$592,438
New conventional · ends Jan 2057$385,902