Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,551/mo
+$179/mo- Down payment
- $0
- Funds due
- $10,735
- Interest + MI left
- $294,444
- First ends
- Aug 2053
New loan
New conventional
$2,372/mo
Lowest payment- Down payment
- $24,290
- Funds due
- $32,984
- Interest + MI left
- $331,537
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $249,722 | $218,610 |
| Second mortgage | — | — |
| First P&I | $1,617.36 | $1,513.61 |
| Second P&I | — | — |
| Mortgage insurance | $119.26 | $43.72 |
| Taxes, insurance & HOA | $814.67 | $814.67 |
| Total housing payment | $2,551.28 | $2,372.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,735
Usable credit−$0
Total buyer cash needed$10,735
Earnest money paid−$0
Remaining funds due$10,735
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,429.00
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)$677.00
Initial HOA (3 months)$1,317.00
Prepaid interest, first (2 days)$86.75
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 9 moOf the original 30-year loan at 6.340%
Interest already paid$52,599Through Nov 2026
Assumption only · ends Aug 2053$294,444
New conventional · ends Dec 2056$331,537