Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,319/mo
+$12/mo- Down payment
- $29,289
- Funds due
- $39,359
- Interest + MI left
- $327,785
- First ends
- Sep 2053
New loan
New conventional
$2,306/mo
Lowest payment- Down payment
- $28,940
- Funds due
- $36,925
- Interest + MI left
- $395,005
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $260,111 | $260,460 |
| Second mortgage | — | — |
| First P&I | $1,744.04 | $1,803.37 |
| Second P&I | — | — |
| Mortgage insurance | $123.75 | $52.09 |
| Taxes, insurance & HOA | $451.00 | $451.00 |
| Total housing payment | $2,318.79 | $2,306.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,289
Closing costs & prepaids$10,070
Usable credit−$0
Total buyer cash needed$39,359
Earnest money paid−$0
Remaining funds due$39,359
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,894.00
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)$183.00
Initial HOA (3 months)$720.00
Prepaid interest, first (1 days)$47.82
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 10 moOf the original 30-year loan at 6.710%
Interest already paid$56,385Through Nov 2026
Assumption only · ends Sep 2053$327,785
New conventional · ends Dec 2056$395,005