Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,762/mo
+$416/mo- Down payment
- $0
- Funds due
- $10,341
- Interest + MI left
- $378,300
- First ends
- Jun 2053
New loan
New conventional
$2,347/mo
Lowest payment- Down payment
- $27,999
- Funds due
- $36,251
- Interest + MI left
- $382,161
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $310,686 | $251,991 |
| Second mortgage | — | — |
| First P&I | $2,062.35 | $1,744.73 |
| Second P&I | — | — |
| Mortgage insurance | $148.47 | $50.40 |
| Taxes, insurance & HOA | $551.50 | $551.50 |
| Total housing payment | $2,762.32 | $2,346.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,341
Usable credit−$0
Total buyer cash needed$10,341
Earnest money paid−$0
Remaining funds due$10,341
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,799.90
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)$904.50
Initial HOA (3 months)$300.00
Prepaid interest, first (2 days)$111.85
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 7 moOf the original 30-year loan at 6.570%
Interest already paid$71,319Through Nov 2026
Assumption only · ends Jun 2053$378,300
New conventional · ends Dec 2056$382,161