Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,361/mo
+$47/mo- Down payment
- $17,047
- Funds due
- $27,544
- Interest + MI left
- $276,037
- First ends
- Jun 2053
New loan
New conventional
$2,314/mo
Lowest payment- Down payment
- $24,490
- Funds due
- $32,947
- Interest + MI left
- $334,267
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $227,853 | $220,410 |
| Second mortgage | — | — |
| First P&I | $1,508.15 | $1,526.07 |
| Second P&I | — | — |
| Mortgage insurance | $108.91 | $44.08 |
| Taxes, insurance & HOA | $744.33 | $744.33 |
| Total housing payment | $2,361.39 | $2,314.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,047
Closing costs & prepaids$10,498
Usable credit−$0
Total buyer cash needed$27,544
Earnest money paid−$0
Remaining funds due$27,544
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,449.00
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)$703.00
Initial HOA (3 months)$1,080.00
Prepaid interest, first (1 days)$40.83
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 7 moOf the original 30-year loan at 6.540%
Interest already paid$52,072Through Nov 2026
Assumption only · ends Jun 2053$276,037
New conventional · ends Dec 2056$334,267