Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,161/mo
+$278/mo- Down payment
- $8,946
- Funds due
- $20,101
- Interest + MI left
- $472,665
- First ends
- Sep 2053
New loan
New conventional
$2,883/mo
Lowest payment- Down payment
- $36,900
- Funds due
- $45,883
- Interest + MI left
- $503,652
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $360,054 | $332,100 |
| Second mortgage | — | — |
| First P&I | $2,472.34 | $2,299.39 |
| Second P&I | — | — |
| Mortgage insurance | $171.01 | $66.42 |
| Taxes, insurance & HOA | $517.42 | $517.42 |
| Total housing payment | $3,160.77 | $2,883.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$8,946
Closing costs & prepaids$11,155
Usable credit−$0
Total buyer cash needed$20,101
Earnest money paid−$0
Remaining funds due$20,101
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,690.00
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)$652.25
Initial HOA (3 months)$450.00
Prepaid interest, first (2 days)$137.31
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 6.960%
Interest already paid$80,886Through Nov 2026
Assumption only · ends Sep 2053$472,665
New conventional · ends Dec 2056$503,652