Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,427/mo
+$289/mo- Down payment
- $0
- Funds due
- $9,611
- Interest + MI left
- $349,700
- First ends
- Apr 2053
New loan
New conventional
$2,138/mo
Lowest payment- Down payment
- $28,490
- Funds due
- $36,016
- Interest + MI left
- $388,863
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $304,613 | $256,410 |
| Second mortgage | — | — |
| First P&I | $1,968.99 | $1,775.33 |
| Second P&I | — | — |
| Mortgage insurance | $146.26 | $51.28 |
| Taxes, insurance & HOA | $311.67 | $311.67 |
| Total housing payment | $2,426.91 | $2,138.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,611
Usable credit−$0
Total buyer cash needed$9,611
Earnest money paid−$0
Remaining funds due$9,611
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,849.00
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)$212.00
Initial HOA (3 months)$273.00
Prepaid interest, first (1 days)$52.33
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 5 moOf the original 30-year loan at 6.270%
Interest already paid$70,166Through Nov 2026
Assumption only · ends Apr 2053$349,700
New conventional · ends Dec 2056$388,863