Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,885/mo
+$235/mo- Down payment
- $30,159
- Funds due
- $41,301
- Interest + MI left
- $459,259
- First ends
- Nov 2053
New loan
New conventional
$2,651/mo
Lowest payment- Down payment
- $36,000
- Funds due
- $44,962
- Interest + MI left
- $473,742
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $329,841 | $324,000 |
| Second mortgage | — | — |
| First P&I | $2,338.08 | $2,194.89 |
| Second P&I | — | — |
| Mortgage insurance | $156.16 | $64.80 |
| Taxes, insurance & HOA | $391.00 | $391.00 |
| Total housing payment | $2,885.24 | $2,650.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,159
Closing costs & prepaids$11,143
Usable credit−$0
Total buyer cash needed$41,301
Earnest money paid−$0
Remaining funds due$41,301
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,600.00
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)$432.00
Initial HOA (3 months)$291.00
Prepaid interest, first (9 days)$594.53
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 11 moOf the original 30-year loan at 7.31%
Interest already paid$75,647Through Dec 2026
Assumption only · ends Nov 2053$459,259
New conventional · ends Jan 2057$473,742