Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,982/mo
+$145/mo- Down payment
- $38,297
- Funds due
- $49,823
- Interest + MI left
- $458,209
- First ends
- Nov 2053
New loan
New conventional
$2,837/mo
Lowest payment- Down payment
- $38,000
- Funds due
- $47,356
- Interest + MI left
- $500,061
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $341,703 | $342,000 |
| Second mortgage | — | — |
| First P&I | $2,368.35 | $2,316.83 |
| Second P&I | — | — |
| Mortgage insurance | $162.01 | $68.40 |
| Taxes, insurance & HOA | $452.00 | $452.00 |
| Total housing payment | $2,982.36 | $2,837.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,297
Closing costs & prepaids$11,527
Usable credit−$0
Total buyer cash needed$49,823
Earnest money paid−$0
Remaining funds due$49,823
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,800.00
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)$456.00
Initial HOA (3 months)$450.00
Prepaid interest, first (9 days)$595.69
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 7.07%
Interest already paid$75,853Through Dec 2026
Assumption only · ends Nov 2053$458,209
New conventional · ends Jan 2057$500,061