Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,646/mo
+$386/mo- Down payment
- $0
- Funds due
- $9,977
- Interest + MI left
- $365,840
- First ends
- Apr 2053
New loan
New conventional
$2,259/mo
Lowest payment- Down payment
- $28,490
- Funds due
- $36,380
- Interest + MI left
- $388,863
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $318,672 | $256,410 |
| Second mortgage | — | — |
| First P&I | $2,059.86 | $1,775.33 |
| Second P&I | — | — |
| Mortgage insurance | $153.01 | $51.28 |
| Taxes, insurance & HOA | $432.83 | $432.83 |
| Total housing payment | $2,645.70 | $2,259.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,977
Usable credit−$0
Total buyer cash needed$9,977
Earnest money paid−$0
Remaining funds due$9,977
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,849.00
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)$524.50
Initial HOA (3 months)$324.00
Prepaid interest, first (1 days)$54.74
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$73,405Through Nov 2026
Assumption only · ends Apr 2053$365,840
New conventional · ends Dec 2056$388,863