Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,355/mo
+$307/mo- Down payment
- $0
- Funds due
- $9,476
- Interest + MI left
- $347,898
- First ends
- Jun 2053
New loan
New conventional
$2,048/mo
Lowest payment- Down payment
- $27,000
- Funds due
- $34,404
- Interest + MI left
- $368,526
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $287,171 | $243,000 |
| Second mortgage | — | — |
| First P&I | $1,900.77 | $1,682.48 |
| Second P&I | — | — |
| Mortgage insurance | $137.26 | $48.60 |
| Taxes, insurance & HOA | $316.67 | $316.67 |
| Total housing payment | $2,354.70 | $2,047.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,476
Usable credit−$0
Total buyer cash needed$9,476
Earnest money paid−$0
Remaining funds due$9,476
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,700.00
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)$300.00
Initial HOA (3 months)$200.01
Prepaid interest, first (1 days)$51.45
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 7 moOf the original 30-year loan at 6.540%
Interest already paid$65,628Through Nov 2026
Assumption only · ends Jun 2053$347,898
New conventional · ends Dec 2056$368,526