Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,562/mo
+$493/mo- Down payment
- $0
- Funds due
- $9,635
- Interest + MI left
- $364,453
- First ends
- Jul 2053
New loan
New conventional
$2,069/mo
Lowest payment- Down payment
- $26,000
- Funds due
- $33,569
- Interest + MI left
- $354,877
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $310,217 | $234,000 |
| Second mortgage | — | — |
| First P&I | $2,011.56 | $1,620.17 |
| Second P&I | — | — |
| Mortgage insurance | $148.33 | $46.80 |
| Taxes, insurance & HOA | $402.08 | $402.08 |
| Total housing payment | $2,561.97 | $2,069.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,635
Usable credit−$0
Total buyer cash needed$9,635
Earnest money paid−$0
Remaining funds due$9,635
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,600.00
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)$483.25
Initial HOA (3 months)$273.00
Prepaid interest, first (1 days)$53.88
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 8 moOf the original 30-year loan at 6.340%
Interest already paid$67,060Through Nov 2026
Assumption only · ends Jul 2053$364,453
New conventional · ends Dec 2056$354,877