Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,749/mo
+$35/mo- Down payment
- $12,428
- Funds due
- $21,274
- Interest + MI left
- $247,481
- First ends
- Apr 2053
New loan
New conventional
$1,713/mo
Lowest payment- Down payment
- $22,800
- Funds due
- $29,623
- Interest + MI left
- $311,200
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $215,572 | $205,200 |
| Second mortgage | — | — |
| First P&I | $1,393.44 | $1,420.76 |
| Second P&I | — | — |
| Mortgage insurance | $103.51 | $41.04 |
| Taxes, insurance & HOA | $251.58 | $251.58 |
| Total housing payment | $1,748.53 | $1,713.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$12,428
Closing costs & prepaids$8,847
Usable credit−$0
Total buyer cash needed$21,274
Earnest money paid−$0
Remaining funds due$21,274
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,280.00
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)$109.75
Initial HOA (3 months)$195.00
Prepaid interest, first (1 days)$37.03
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$49,656Through Nov 2026
Assumption only · ends Apr 2053$247,481
New conventional · ends Dec 2056$311,200