Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,988/mo
+$8/mo- Down payment
- $17,704
- Funds due
- $30,934
- Interest + MI left
- $554,683
- First ends
- Oct 2053
New loan
New conventional
$3,980/mo
Lowest payment- Down payment
- $52,500
- Funds due
- $63,433
- Interest + MI left
- $716,578
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $507,296 | $472,500 |
| Second mortgage | — | — |
| First P&I | $3,131.52 | $3,271.49 |
| Second P&I | — | — |
| Mortgage insurance | $242.50 | $94.50 |
| Taxes, insurance & HOA | $613.92 | $613.92 |
| Total housing payment | $3,987.94 | $3,979.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,704
Closing costs & prepaids$13,230
Usable credit−$0
Total buyer cash needed$30,934
Earnest money paid−$0
Remaining funds due$30,934
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,250.00
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)$1,026.75
Initial HOA (3 months)$315.00
Prepaid interest, first (2 days)$163.45
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 11 moOf the original 30-year loan at 5.880%
Interest already paid$94,062Through Nov 2026
Assumption only · ends Oct 2053$554,683
New conventional · ends Dec 2056$716,578