Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,389/mo
+$800/mo- Down payment
- $0
- Funds due
- $11,084
- Interest + MI left
- $546,052
- First ends
- Oct 2053
New loan
New conventional
$2,588/mo
Lowest payment- Down payment
- $35,900
- Funds due
- $44,683
- Interest + MI left
- $472,426
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $415,957 | $323,100 |
| Second mortgage | — | — |
| First P&I | $2,856.20 | $2,188.79 |
| Second P&I | — | — |
| Mortgage insurance | $197.56 | $64.62 |
| Taxes, insurance & HOA | $334.91 | $334.91 |
| Total housing payment | $3,388.68 | $2,588.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,084
Usable credit−$0
Total buyer cash needed$11,084
Earnest money paid−$0
Remaining funds due$11,084
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,590.00
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)$430.75
Initial HOA (3 months)$123.99
Prepaid interest, first (9 days)$713.85
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 6.96%
Interest already paid$93,445Through Dec 2026
Assumption only · ends Oct 2053$546,052
New conventional · ends Jan 2057$472,426