Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,749/mo
+$148/mo- Down payment
- $34,892
- Funds due
- $47,276
- Interest + MI left
- $578,753
- First ends
- Oct 2053
New loan
New conventional
$3,601/mo
Lowest payment- Down payment
- $48,500
- Funds due
- $58,604
- Interest + MI left
- $661,982
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $450,108 | $436,500 |
| Second mortgage | — | — |
| First P&I | $3,043.66 | $3,022.24 |
| Second P&I | — | — |
| Mortgage insurance | $213.76 | $87.30 |
| Taxes, insurance & HOA | $491.75 | $491.75 |
| Total housing payment | $3,749.18 | $3,601.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,892
Closing costs & prepaids$12,384
Usable credit−$0
Total buyer cash needed$47,276
Earnest money paid−$0
Remaining funds due$47,276
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,850.00
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)$558.25
Initial HOA (3 months)$417.00
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$661,982