Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,956/mo
+$287/mo- Down payment
- $9,481
- Funds due
- $20,634
- Interest + MI left
- $453,816
- First ends
- Sep 2053
New loan
New conventional
$2,668/mo
Lowest payment- Down payment
- $36,500
- Funds due
- $45,473
- Interest + MI left
- $480,321
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $355,519 | $328,500 |
| Second mortgage | — | — |
| First P&I | $2,409.30 | $2,225.37 |
| Second P&I | — | — |
| Mortgage insurance | $169.21 | $65.70 |
| Taxes, insurance & HOA | $377.00 | $377.00 |
| Total housing payment | $2,955.51 | $2,668.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$9,481
Closing costs & prepaids$11,153
Usable credit−$0
Total buyer cash needed$20,634
Earnest money paid−$0
Remaining funds due$20,634
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,650.00
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)$438.00
Initial HOA (3 months)$243.00
Prepaid interest, first (9 days)$596.98
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 6.81%
Interest already paid$80,292Through Dec 2026
Assumption only · ends Sep 2053$453,816
New conventional · ends Jan 2057$480,321