Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,964/mo
+$159/mo- Down payment
- $0
- Funds due
- $9,151
- Interest + MI left
- $264,696
- First ends
- Apr 2053
New loan
New conventional
$1,804/mo
Lowest payment- Down payment
- $22,490
- Funds due
- $29,618
- Interest + MI left
- $306,968
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $230,569 | $202,410 |
| Second mortgage | — | — |
| First P&I | $1,490.37 | $1,401.45 |
| Second P&I | — | — |
| Mortgage insurance | $110.71 | $40.48 |
| Taxes, insurance & HOA | $362.50 | $362.50 |
| Total housing payment | $1,963.58 | $1,804.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,151
Usable credit−$0
Total buyer cash needed$9,151
Earnest money paid−$0
Remaining funds due$9,151
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,249.00
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)$112.50
Initial HOA (3 months)$525.00
Prepaid interest, first (1 days)$39.61
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 5 moOf the original 30-year loan at 6.270%
Interest already paid$53,111Through Nov 2026
Assumption only · ends Apr 2053$264,696
New conventional · ends Dec 2056$306,968