Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,755/mo
+$245/mo- Down payment
- $30,381
- Funds due
- $43,404
- Interest + MI left
- $576,027
- First ends
- Oct 2053
New loan
New conventional
$3,511/mo
Lowest payment- Down payment
- $48,000
- Funds due
- $58,753
- Interest + MI left
- $631,655
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $449,619 | $432,000 |
| Second mortgage | — | — |
| First P&I | $3,043.66 | $2,926.52 |
| Second P&I | — | — |
| Mortgage insurance | $213.76 | $86.40 |
| Taxes, insurance & HOA | $497.67 | $497.67 |
| Total housing payment | $3,755.09 | $3,510.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,381
Closing costs & prepaids$13,023
Usable credit−$0
Total buyer cash needed$43,404
Earnest money paid−$0
Remaining funds due$43,404
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,800.00
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)$576.00
Initial HOA (3 months)$417.00
Prepaid interest, first (9 days)$754.99
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 6.81%
Interest already paid$98,882Through Dec 2026
Assumption only · ends Oct 2053$576,027
New conventional · ends Jan 2057$631,655