Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,331/mo
+$686/mo- Down payment
- $0
- Funds due
- $11,230
- Interest + MI left
- $534,309
- First ends
- Sep 2053
New loan
New conventional
$2,645/mo
Lowest payment- Down payment
- $35,990
- Funds due
- $44,936
- Interest + MI left
- $473,610
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $391,398 | $323,910 |
| Second mortgage | — | — |
| First P&I | $2,759.41 | $2,194.28 |
| Second P&I | — | — |
| Mortgage insurance | $185.77 | $64.78 |
| Taxes, insurance & HOA | $386.00 | $386.00 |
| Total housing payment | $3,331.18 | $2,645.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,230
Usable credit−$0
Total buyer cash needed$11,230
Earnest money paid−$0
Remaining funds due$11,230
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,599.00
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)$432.00
Initial HOA (3 months)$276.00
Prepaid interest, first (9 days)$697.76
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$93,709Through Dec 2026
Assumption only · ends Sep 2053$534,309
New conventional · ends Jan 2057$473,610