Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,430/mo
+$185/mo- Down payment
- $37,921
- Funds due
- $50,159
- Interest + MI left
- $535,610
- First ends
- Oct 2053
New loan
New conventional
$3,245/mo
Lowest payment- Down payment
- $44,990
- Funds due
- $54,994
- Interest + MI left
- $592,045
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $411,979 | $404,910 |
| Second mortgage | — | — |
| First P&I | $2,812.85 | $2,743.00 |
| Second P&I | — | — |
| Mortgage insurance | $195.75 | $80.98 |
| Taxes, insurance & HOA | $421.00 | $421.00 |
| Total housing payment | $3,429.60 | $3,244.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,921
Closing costs & prepaids$12,238
Usable credit−$0
Total buyer cash needed$50,159
Earnest money paid−$0
Remaining funds due$50,159
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,499.00
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)$540.00
Initial HOA (3 months)$273.00
Prepaid interest, first (9 days)$700.93
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 6.9%
Interest already paid$91,772Through Dec 2026
Assumption only · ends Oct 2053$535,610
New conventional · ends Jan 2057$592,045