Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,291/mo
+$826/mo- Down payment
- $0
- Funds due
- $10,306
- Interest + MI left
- $494,455
- First ends
- Jan 2053
New loan
New conventional
$2,465/mo
Lowest payment- Down payment
- $31,800
- Funds due
- $39,975
- Interest + MI left
- $434,042
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $375,522 | $286,200 |
| Second mortgage | — | — |
| First P&I | $2,586.68 | $1,981.59 |
| Second P&I | — | — |
| Mortgage insurance | $278.20 | $57.24 |
| Taxes, insurance & HOA | $426.58 | $426.58 |
| Total housing payment | $3,291.47 | $2,465.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,306
Usable credit−$0
Total buyer cash needed$10,306
Earnest money paid−$0
Remaining funds due$10,306
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,180.00
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)$592.75
Initial HOA (3 months)$237.00
Prepaid interest, first (1 days)$70.99
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 2 moOf the original 30-year loan at 6.900%
Interest already paid$101,754Through Nov 2026
Assumption only · ends Jan 2053$494,455
New conventional · ends Dec 2056$434,042