Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,157/mo
+$408/mo- Down payment
- $8,707
- Funds due
- $20,075
- Interest + MI left
- $510,300
- First ends
- Dec 2053
New loan
New conventional
$2,749/mo
Lowest payment- Down payment
- $37,500
- Funds due
- $46,633
- Interest + MI left
- $493,481
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $366,293 | $337,500 |
| Second mortgage | — | — |
| First P&I | $2,589.07 | $2,286.34 |
| Second P&I | — | — |
| Mortgage insurance | $173.26 | $67.50 |
| Taxes, insurance & HOA | $395.00 | $395.00 |
| Total housing payment | $3,157.33 | $2,748.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$8,707
Closing costs & prepaids$11,368
Usable credit−$0
Total buyer cash needed$20,075
Earnest money paid−$0
Remaining funds due$20,075
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,750.00
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)$450.00
Initial HOA (3 months)$285.00
Prepaid interest, first (9 days)$658.42
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 closing27 yrOf the original 30-year loan at 7.29%
Interest already paid$81,473Through Dec 2026
Assumption only · ends Dec 2053$510,300
New conventional · ends Jan 2057$493,481