Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,602/mo
+$123/mo- Down payment
- $31,796
- Funds due
- $42,570
- Interest + MI left
- $398,034
- First ends
- Oct 2053
New loan
New conventional
$2,479/mo
Lowest payment- Down payment
- $33,500
- Funds due
- $42,152
- Interest + MI left
- $440,843
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $303,204 | $301,500 |
| Second mortgage | — | — |
| First P&I | $2,081.97 | $2,042.47 |
| Second P&I | — | — |
| Mortgage insurance | $144.01 | $60.30 |
| Taxes, insurance & HOA | $376.00 | $376.00 |
| Total housing payment | $2,601.98 | $2,478.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,796
Closing costs & prepaids$10,773
Usable credit−$0
Total buyer cash needed$42,570
Earnest money paid−$0
Remaining funds due$42,570
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,350.00
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)$402.00
Initial HOA (3 months)$276.00
Prepaid interest, first (9 days)$520.35
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 6.96%
Interest already paid$68,115Through Dec 2026
Assumption only · ends Oct 2053$398,034
New conventional · ends Jan 2057$440,843