Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,424/mo
+$171/mo- Down payment
- $21,513
- Funds due
- $31,556
- Interest + MI left
- $333,756
- First ends
- Jan 2053
New loan
New conventional
$2,253/mo
Lowest payment- Down payment
- $27,499
- Funds due
- $35,468
- Interest + MI left
- $375,337
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $253,477 | $247,491 |
| Second mortgage | — | — |
| First P&I | $1,746.01 | $1,713.58 |
| Second P&I | — | — |
| Mortgage insurance | $187.79 | $49.50 |
| Taxes, insurance & HOA | $489.75 | $489.75 |
| Total housing payment | $2,423.54 | $2,252.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,513
Closing costs & prepaids$10,042
Usable credit−$0
Total buyer cash needed$31,556
Earnest money paid−$0
Remaining funds due$31,556
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,749.90
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)$919.25
Initial HOA (3 months)$99.99
Prepaid interest, first (1 days)$47.92
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 2 moOf the original 30-year loan at 6.900%
Interest already paid$68,684Through Nov 2026
Assumption only · ends Jan 2053$333,756
New conventional · ends Dec 2056$375,337