Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,840/mo
+$134/mo- Down payment
- $23,628
- Funds due
- $34,237
- Interest + MI left
- $444,725
- First ends
- Oct 2053
New loan
New conventional
$2,706/mo
Lowest payment- Down payment
- $36,950
- Funds due
- $45,395
- Interest + MI left
- $504,334
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $345,872 | $332,550 |
| Second mortgage | — | — |
| First P&I | $2,338.81 | $2,302.51 |
| Second P&I | — | — |
| Mortgage insurance | $164.26 | $66.51 |
| Taxes, insurance & HOA | $336.50 | $336.50 |
| Total housing payment | $2,839.57 | $2,705.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,628
Closing costs & prepaids$10,609
Usable credit−$0
Total buyer cash needed$34,237
Earnest money paid−$0
Remaining funds due$34,237
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,695.00
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)$325.50
Initial HOA (3 months)$234.00
Prepaid interest, first (2 days)$129.06
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 6.810%
Interest already paid$74,020Through Nov 2026
Assumption only · ends Oct 2053$444,725
New conventional · ends Dec 2056$504,334