Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,596/mo
+$261/mo- Down payment
- $2,500
- Funds due
- $12,567
- Interest + MI left
- $390,545
- First ends
- Sep 2053
New loan
New conventional
$2,335/mo
Lowest payment- Down payment
- $30,000
- Funds due
- $37,964
- Interest + MI left
- $409,472
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $297,499 | $269,999 |
| Second mortgage | — | — |
| First P&I | $2,042.80 | $1,869.42 |
| Second P&I | — | — |
| Mortgage insurance | $141.30 | $54.00 |
| Taxes, insurance & HOA | $411.50 | $411.50 |
| Total housing payment | $2,595.60 | $2,334.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$2,500
Closing costs & prepaids$10,066
Usable credit−$0
Total buyer cash needed$12,567
Earnest money paid−$0
Remaining funds due$12,567
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,999.99
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)$511.50
Initial HOA (3 months)$273.00
Prepaid interest, first (1 days)$56.73
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 10 moOf the original 30-year loan at 6.960%
Interest already paid$66,833Through Nov 2026
Assumption only · ends Sep 2053$390,545
New conventional · ends Dec 2056$409,472