Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,252/mo
+$250/mo- Down payment
- $23,092
- Funds due
- $34,253
- Interest + MI left
- $518,702
- First ends
- Dec 2053
New loan
New conventional
$3,001/mo
Lowest payment- Down payment
- $39,990
- Funds due
- $48,949
- Interest + MI left
- $545,828
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $376,808 | $359,910 |
| Second mortgage | — | — |
| First P&I | $2,635.94 | $2,491.94 |
| Second P&I | — | — |
| Mortgage insurance | $178.16 | $71.98 |
| Taxes, insurance & HOA | $437.42 | $437.42 |
| Total housing payment | $3,251.52 | $3,001.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,092
Closing costs & prepaids$11,160
Usable credit−$0
Total buyer cash needed$34,253
Earnest money paid−$0
Remaining funds due$34,253
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,999.00
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)$574.25
Initial HOA (3 months)$288.00
Prepaid interest, first (1 days)$74.23
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 closing27 yr 1 moOf the original 30-year loan at 7.190%
Interest already paid$80,348Through Nov 2026
Assumption only · ends Dec 2053$518,702
New conventional · ends Dec 2056$545,828