Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,288/mo
+$394/mo- Down payment
- $0
- Funds due
- $9,281
- Interest + MI left
- $321,473
- First ends
- Mar 2053
New loan
New conventional
$1,894/mo
Lowest payment- Down payment
- $24,100
- Funds due
- $31,335
- Interest + MI left
- $328,943
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $276,674 | $216,900 |
| Second mortgage | — | — |
| First P&I | $1,806.27 | $1,501.77 |
| Second P&I | — | — |
| Mortgage insurance | $132.91 | $43.38 |
| Taxes, insurance & HOA | $349.17 | $349.17 |
| Total housing payment | $2,288.34 | $1,894.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,281
Usable credit−$0
Total buyer cash needed$9,281
Earnest money paid−$0
Remaining funds due$9,281
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,410.00
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)$462.50
Initial HOA (3 months)$135.00
Prepaid interest, first (1 days)$48.21
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$66,167Through Nov 2026
Assumption only · ends Mar 2053$321,473
New conventional · ends Dec 2056$328,943