Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,447/mo
+$764/mo- Down payment
- $0
- Funds due
- $11,188
- Interest + MI left
- $453,370
- First ends
- Jul 2053
New loan
New conventional
$2,683/mo
Lowest payment- Down payment
- $29,990
- Funds due
- $39,053
- Interest + MI left
- $409,337
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $385,901 | $269,910 |
| Second mortgage | — | — |
| First P&I | $2,502.32 | $1,868.80 |
| Second P&I | — | — |
| Mortgage insurance | $184.51 | $53.98 |
| Taxes, insurance & HOA | $759.83 | $759.83 |
| Total housing payment | $3,446.67 | $2,682.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,188
Usable credit−$0
Total buyer cash needed$11,188
Earnest money paid−$0
Remaining funds due$11,188
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,999.00
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)$839.50
Initial HOA (3 months)$990.00
Prepaid interest, first (2 days)$134.06
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 8 moOf the original 30-year loan at 6.340%
Interest already paid$83,421Through Nov 2026
Assumption only · ends Jul 2053$453,370
New conventional · ends Dec 2056$409,337