Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,296/mo
+$15/mo- Down payment
- $24,206
- Funds due
- $34,020
- Interest + MI left
- $330,908
- First ends
- Mar 2053
New loan
New conventional
$2,281/mo
Lowest payment- Down payment
- $30,900
- Funds due
- $38,612
- Interest + MI left
- $421,757
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $284,794 | $278,100 |
| Second mortgage | — | — |
| First P&I | $1,859.28 | $1,925.51 |
| Second P&I | — | — |
| Mortgage insurance | $136.81 | $55.62 |
| Taxes, insurance & HOA | $299.75 | $299.75 |
| Total housing payment | $2,295.84 | $2,280.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,206
Closing costs & prepaids$9,814
Usable credit−$0
Total buyer cash needed$34,020
Earnest money paid−$0
Remaining funds due$34,020
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,090.00
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)$449.25
Prepaid interest, first (1 days)$49.62
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$68,109Through Nov 2026
Assumption only · ends Mar 2053$330,908
New conventional · ends Dec 2056$421,757