Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,540/mo
+$443/mo- Down payment
- $0
- Funds due
- $9,673
- Interest + MI left
- $360,053
- First ends
- Jun 2053
New loan
New conventional
$2,097/mo
Lowest payment- Down payment
- $26,500
- Funds due
- $34,103
- Interest + MI left
- $361,701
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $307,049 | $238,500 |
| Second mortgage | — | — |
| First P&I | $1,995.35 | $1,651.33 |
| Second P&I | — | — |
| Mortgage insurance | $146.98 | $47.70 |
| Taxes, insurance & HOA | $398.17 | $398.17 |
| Total housing payment | $2,540.49 | $2,097.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,673
Usable credit−$0
Total buyer cash needed$9,673
Earnest money paid−$0
Remaining funds due$9,673
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,650.00
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)$507.50
Initial HOA (3 months)$237.00
Prepaid interest, first (1 days)$53.42
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 7 moOf the original 30-year loan at 6.350%
Interest already paid$68,184Through Nov 2026
Assumption only · ends Jun 2053$360,053
New conventional · ends Dec 2056$361,701