Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,130/mo
+$587/mo- Down payment
- $0
- Funds due
- $10,467
- Interest + MI left
- $446,510
- First ends
- Mar 2053
New loan
New conventional
$2,543/mo
Lowest payment- Down payment
- $32,490
- Funds due
- $40,827
- Interest + MI left
- $443,459
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $367,235 | $292,410 |
| Second mortgage | — | — |
| First P&I | $2,397.49 | $2,024.59 |
| Second P&I | — | — |
| Mortgage insurance | $272.64 | $58.48 |
| Taxes, insurance & HOA | $459.58 | $459.58 |
| Total housing payment | $3,129.71 | $2,542.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,467
Usable credit−$0
Total buyer cash needed$10,467
Earnest money paid−$0
Remaining funds due$10,467
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,249.00
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)$460.75
Initial HOA (3 months)$468.00
Prepaid interest, first (1 days)$63.99
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 4 moOf the original 30-year loan at 6.360%
Interest already paid$87,825Through Nov 2026
Assumption only · ends Mar 2053$446,510
New conventional · ends Dec 2056$443,459