Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,836/mo
+$525/mo- Down payment
- $0
- Funds due
- $12,363
- Interest + MI left
- $502,399
- First ends
- Feb 2053
New loan
New conventional
$3,311/mo
Lowest payment- Down payment
- $37,000
- Funds due
- $47,189
- Interest + MI left
- $505,017
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $380,165 | $333,000 |
| Second mortgage | — | — |
| First P&I | $2,615.71 | $2,305.62 |
| Second P&I | — | — |
| Mortgage insurance | $281.32 | $66.60 |
| Taxes, insurance & HOA | $938.75 | $938.75 |
| Total housing payment | $3,835.78 | $3,310.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,363
Usable credit−$0
Total buyer cash needed$12,363
Earnest money paid−$0
Remaining funds due$12,363
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,700.00
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)$2,051.25
Initial HOA (3 months)$315.00
Prepaid interest, first (1 days)$71.87
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 3 moOf the original 30-year loan at 6.900%
Interest already paid$100,710Through Nov 2026
Assumption only · ends Feb 2053$502,399
New conventional · ends Dec 2056$505,017