Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,461/mo
+$305/mo- Down payment
- $2,939
- Funds due
- $13,198
- Interest + MI left
- $372,981
- First ends
- Oct 2053
New loan
New conventional
$2,156/mo
Lowest payment- Down payment
- $27,990
- Funds due
- $36,128
- Interest + MI left
- $368,334
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $276,961 | $251,910 |
| Second mortgage | — | — |
| First P&I | $1,930.66 | $1,706.53 |
| Second P&I | — | — |
| Mortgage insurance | $131.41 | $50.38 |
| Taxes, insurance & HOA | $399.33 | $399.33 |
| Total housing payment | $2,461.40 | $2,156.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$2,939
Closing costs & prepaids$10,258
Usable credit−$0
Total buyer cash needed$13,198
Earnest money paid−$0
Remaining funds due$13,198
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,799.00
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)$336.00
Initial HOA (3 months)$411.99
Prepaid interest, first (9 days)$486.24
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 10 moOf the original 30-year loan at 7.12%
Interest already paid$63,615Through Dec 2026
Assumption only · ends Oct 2053$372,981
New conventional · ends Jan 2057$368,334