Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,384/mo
+$522/mo- Down payment
- $13,459
- Funds due
- $25,100
- Interest + MI left
- $564,350
- First ends
- Nov 2053
New loan
New conventional
$2,862/mo
Lowest payment- Down payment
- $39,000
- Funds due
- $48,348
- Interest + MI left
- $513,220
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $376,541 | $351,000 |
| Second mortgage | — | — |
| First P&I | $2,791.91 | $2,377.80 |
| Second P&I | — | — |
| Mortgage insurance | $177.76 | $70.20 |
| Taxes, insurance & HOA | $414.00 | $414.00 |
| Total housing payment | $3,383.67 | $2,862.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$13,459
Closing costs & prepaids$11,641
Usable credit−$0
Total buyer cash needed$25,100
Earnest money paid−$0
Remaining funds due$25,100
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,900.00
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)$468.00
Initial HOA (3 months)$324.00
Prepaid interest, first (9 days)$724.20
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 7.8%
Interest already paid$92,007Through Dec 2026
Assumption only · ends Nov 2053$564,350
New conventional · ends Jan 2057$513,220