Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,620/mo
+$207/mo- Down payment
- $0
- Funds due
- $9,996
- Interest + MI left
- $409,628
- First ends
- Sep 2053
New loan
New conventional
$2,413/mo
Lowest payment- Down payment
- $34,000
- Funds due
- $41,860
- Interest + MI left
- $464,068
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $340,812 | $305,999 |
| Second mortgage | — | — |
| First P&I | $2,224.14 | $2,118.68 |
| Second P&I | — | — |
| Mortgage insurance | $162.46 | $61.20 |
| Taxes, insurance & HOA | $233.58 | $233.58 |
| Total housing payment | $2,620.19 | $2,413.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,996
Usable credit−$0
Total buyer cash needed$9,996
Earnest money paid−$0
Remaining funds due$9,996
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,399.99
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)$250.75
Prepaid interest, first (2 days)$120.08
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 6.430%
Interest already paid$70,868Through Nov 2026
Assumption only · ends Sep 2053$409,628
New conventional · ends Dec 2056$464,068