Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,838/mo
+$187/mo- Down payment
- $28,792
- Funds due
- $41,383
- Interest + MI left
- $578,753
- First ends
- Oct 2053
New loan
New conventional
$3,651/mo
Lowest payment- Down payment
- $47,890
- Funds due
- $58,205
- Interest + MI left
- $653,656
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $450,108 | $431,010 |
| Second mortgage | — | — |
| First P&I | $3,043.66 | $2,984.23 |
| Second P&I | — | — |
| Mortgage insurance | $213.76 | $86.20 |
| Taxes, insurance & HOA | $580.83 | $580.83 |
| Total housing payment | $3,838.26 | $3,651.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,792
Closing costs & prepaids$12,590
Usable credit−$0
Total buyer cash needed$41,383
Earnest money paid−$0
Remaining funds due$41,383
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,789.00
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$846.50
Initial HOA (3 months)$396.00
Prepaid interest, first (1 days)$83.98
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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$96,327Through Nov 2026
Assumption only · ends Oct 2053$578,753
New conventional · ends Dec 2056$653,656