Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,290/mo
+$418/mo- Down payment
- $0
- Funds due
- $9,224
- Interest + MI left
- $338,862
- First ends
- Jan 2053
New loan
New conventional
$1,872/mo
Lowest payment- Down payment
- $23,990
- Funds due
- $31,169
- Interest + MI left
- $327,442
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $255,363 | $215,910 |
| Second mortgage | — | — |
| First P&I | $1,767.23 | $1,494.92 |
| Second P&I | — | — |
| Mortgage insurance | $189.11 | $43.18 |
| Taxes, insurance & HOA | $333.75 | $333.75 |
| Total housing payment | $2,290.09 | $1,871.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,224
Usable credit−$0
Total buyer cash needed$9,224
Earnest money paid−$0
Remaining funds due$9,224
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,399.00
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)$353.25
Initial HOA (3 months)$198.00
Prepaid interest, first (1 days)$48.62
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 2 moOf the original 30-year loan at 6.950%
Interest already paid$69,682Through Nov 2026
Assumption only · ends Jan 2053$338,862
New conventional · ends Dec 2056$327,442