Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,541/mo
+$449/mo- Down payment
- $0
- Funds due
- $9,566
- Interest + MI left
- $373,278
- First ends
- Jul 2053
New loan
New conventional
$2,092/mo
Lowest payment- Down payment
- $27,500
- Funds due
- $34,986
- Interest + MI left
- $375,349
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $317,729 | $247,499 |
| Second mortgage | — | — |
| First P&I | $2,060.27 | $1,713.63 |
| Second P&I | — | — |
| Mortgage insurance | $151.92 | $49.50 |
| Taxes, insurance & HOA | $328.50 | $328.50 |
| Total housing payment | $2,540.68 | $2,091.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,566
Usable credit−$0
Total buyer cash needed$9,566
Earnest money paid−$0
Remaining funds due$9,566
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,749.99
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)$385.50
Initial HOA (3 months)$150.00
Prepaid interest, first (1 days)$55.19
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 8 moOf the original 30-year loan at 6.340%
Interest already paid$68,684Through Nov 2026
Assumption only · ends Jul 2053$373,278
New conventional · ends Dec 2056$375,349