Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,014/mo
+$245/mo- Down payment
- $4,598
- Funds due
- $13,599
- Interest + MI left
- $296,659
- First ends
- Jan 2053
New loan
New conventional
$1,769/mo
Lowest payment- Down payment
- $22,990
- Funds due
- $29,961
- Interest + MI left
- $313,793
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $225,302 | $206,910 |
| Second mortgage | — | — |
| First P&I | $1,551.94 | $1,432.60 |
| Second P&I | — | — |
| Mortgage insurance | $166.91 | $41.38 |
| Taxes, insurance & HOA | $295.00 | $295.00 |
| Total housing payment | $2,013.85 | $1,768.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$4,598
Closing costs & prepaids$9,002
Usable credit−$0
Total buyer cash needed$13,599
Earnest money paid−$0
Remaining funds due$13,599
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,299.00
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)$261.00
Initial HOA (3 months)$174.00
Prepaid interest, first (1 days)$42.59
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$61,050Through Nov 2026
Assumption only · ends Jan 2053$296,659
New conventional · ends Dec 2056$313,793