Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,656/mo
+$224/mo- Down payment
- $21,735
- Funds due
- $32,435
- Interest + MI left
- $415,004
- First ends
- Oct 2053
New loan
New conventional
$2,432/mo
Lowest payment- Down payment
- $32,990
- Funds due
- $41,545
- Interest + MI left
- $434,132
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $308,165 | $296,910 |
| Second mortgage | — | — |
| First P&I | $2,148.18 | $2,011.37 |
| Second P&I | — | — |
| Mortgage insurance | $146.21 | $59.38 |
| Taxes, insurance & HOA | $361.67 | $361.67 |
| Total housing payment | $2,656.06 | $2,432.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,735
Closing costs & prepaids$10,700
Usable credit−$0
Total buyer cash needed$32,435
Earnest money paid−$0
Remaining funds due$32,435
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,299.00
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)$396.00
Initial HOA (3 months)$239.01
Prepaid interest, first (9 days)$541.02
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$70,782Through Dec 2026
Assumption only · ends Oct 2053$415,004
New conventional · ends Jan 2057$434,132