Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,828/mo
+$194/mo- Down payment
- $0
- Funds due
- $11,196
- Interest + MI left
- $329,174
- First ends
- May 2053
New loan
New conventional
$2,633/mo
Lowest payment- Down payment
- $27,900
- Funds due
- $37,021
- Interest + MI left
- $380,810
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $286,196 | $251,100 |
| Second mortgage | — | — |
| First P&I | $1,845.87 | $1,738.57 |
| Second P&I | — | — |
| Mortgage insurance | $137.26 | $50.22 |
| Taxes, insurance & HOA | $844.42 | $844.42 |
| Total housing payment | $2,827.54 | $2,633.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,196
Usable credit−$0
Total buyer cash needed$11,196
Earnest money paid−$0
Remaining funds due$11,196
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,790.00
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)$343.25
Initial HOA (3 months)$1,740.00
Prepaid interest, first (2 days)$98.17
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 6 moOf the original 30-year loan at 6.260%
Interest already paid$64,248Through Nov 2026
Assumption only · ends May 2053$329,174
New conventional · ends Dec 2056$380,810