Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,561/mo
+$471/mo- Down payment
- $0
- Funds due
- $11,950
- Interest + MI left
- $452,254
- First ends
- Apr 2053
New loan
New conventional
$3,090/mo
Lowest payment- Down payment
- $34,999
- Funds due
- $44,791
- Interest + MI left
- $477,705
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $387,815 | $314,991 |
| Second mortgage | — | — |
| First P&I | $2,528.76 | $2,180.93 |
| Second P&I | — | — |
| Mortgage insurance | $186.07 | $63.00 |
| Taxes, insurance & HOA | $846.50 | $846.50 |
| Total housing payment | $3,561.33 | $3,090.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,950
Usable credit−$0
Total buyer cash needed$11,950
Earnest money paid−$0
Remaining funds due$11,950
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,499.90
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)$1,873.50
Initial HOA (3 months)$216.00
Prepaid interest, first (2 days)$135.15
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 5 moOf the original 30-year loan at 6.360%
Interest already paid$90,579Through Nov 2026
Assumption only · ends Apr 2053$452,254
New conventional · ends Dec 2056$477,705