Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,165/mo
+$296/mo- Down payment
- $23,717
- Funds due
- $35,305
- Interest + MI left
- $498,719
- First ends
- Oct 2053
New loan
New conventional
$2,869/mo
Lowest payment- Down payment
- $38,999
- Funds due
- $48,368
- Interest + MI left
- $513,207
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $366,273 | $350,991 |
| Second mortgage | — | — |
| First P&I | $2,570.03 | $2,377.74 |
| Second P&I | — | — |
| Mortgage insurance | $173.71 | $70.20 |
| Taxes, insurance & HOA | $421.00 | $421.00 |
| Total housing payment | $3,164.74 | $2,868.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,717
Closing costs & prepaids$11,587
Usable credit−$0
Total buyer cash needed$35,305
Earnest money paid−$0
Remaining funds due$35,305
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,899.90
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)$468.00
Initial HOA (3 months)$345.00
Prepaid interest, first (9 days)$649.36
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 10 moOf the original 30-year loan at 7.19%
Interest already paid$84,936Through Dec 2026
Assumption only · ends Oct 2053$498,719
New conventional · ends Jan 2057$513,207