Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,474/mo
+$543/mo- Down payment
- $0
- Funds due
- $11,047
- Interest + MI left
- $526,218
- First ends
- Jan 2053
New loan
New conventional
$2,931/mo
Lowest payment- Down payment
- $38,950
- Funds due
- $47,803
- Interest + MI left
- $531,633
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $397,168 | $350,550 |
| Second mortgage | — | — |
| First P&I | $2,746.02 | $2,427.14 |
| Second P&I | — | — |
| Mortgage insurance | $294.14 | $70.11 |
| Taxes, insurance & HOA | $433.67 | $433.67 |
| Total housing payment | $3,473.83 | $2,930.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,047
Usable credit−$0
Total buyer cash needed$11,047
Earnest money paid−$0
Remaining funds due$11,047
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,895.00
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)$515.00
Initial HOA (3 months)$336.00
Prepaid interest, first (1 days)$75.52
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 6.940%
Interest already paid$108,225Through Nov 2026
Assumption only · ends Jan 2053$526,218
New conventional · ends Dec 2056$531,633