Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,794/mo
+$241/mo- Down payment
- $21,793
- Funds due
- $32,708
- Interest + MI left
- $406,331
- First ends
- Feb 2053
New loan
New conventional
$2,553/mo
Lowest payment- Down payment
- $34,490
- Funds due
- $43,283
- Interest + MI left
- $453,871
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $323,107 | $310,410 |
| Second mortgage | — | — |
| First P&I | $2,165.70 | $2,102.83 |
| Second P&I | — | — |
| Mortgage insurance | $239.95 | $62.08 |
| Taxes, insurance & HOA | $388.00 | $388.00 |
| Total housing payment | $2,793.65 | $2,552.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,793
Closing costs & prepaids$10,915
Usable credit−$0
Total buyer cash needed$32,708
Earnest money paid−$0
Remaining funds due$32,708
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,449.00
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)$414.00
Initial HOA (3 months)$300.00
Prepaid interest, first (9 days)$526.62
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 2 moOf the original 30-year loan at 6.61%
Interest already paid$83,978Through Dec 2026
Assumption only · ends Feb 2053$406,331
New conventional · ends Jan 2057$453,871