Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,714/mo
+$622/mo- Down payment
- $0
- Funds due
- $9,441
- Interest + MI left
- $412,127
- First ends
- Mar 2053
New loan
New conventional
$2,092/mo
Lowest payment- Down payment
- $28,900
- Funds due
- $36,246
- Interest + MI left
- $394,459
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $341,796 | $260,100 |
| Second mortgage | — | — |
| First P&I | $2,220.66 | $1,800.88 |
| Second P&I | — | — |
| Mortgage insurance | $253.86 | $52.02 |
| Taxes, insurance & HOA | $239.08 | $239.08 |
| Total housing payment | $2,713.60 | $2,091.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,441
Usable credit−$0
Total buyer cash needed$9,441
Earnest money paid−$0
Remaining funds due$9,441
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,890.00
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)$267.25
Prepaid interest, first (1 days)$59.09
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 6.310%
Interest already paid$81,117Through Nov 2026
Assumption only · ends Mar 2053$412,127
New conventional · ends Dec 2056$394,459