Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,721/mo
+$535/mo- Down payment
- $0
- Funds due
- $10,339
- Interest + MI left
- $349,265
- First ends
- Sep 2053
New loan
New conventional
$2,186/mo
Lowest payment- Down payment
- $22,700
- Funds due
- $30,993
- Interest + MI left
- $309,835
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $277,156 | $204,300 |
| Second mortgage | — | — |
| First P&I | $1,858.33 | $1,414.53 |
| Second P&I | — | — |
| Mortgage insurance | $131.86 | $40.86 |
| Taxes, insurance & HOA | $730.67 | $730.67 |
| Total housing payment | $2,720.85 | $2,186.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,339
Usable credit−$0
Total buyer cash needed$10,339
Earnest money paid−$0
Remaining funds due$10,339
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,270.00
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)$794.00
Initial HOA (3 months)$948.00
Prepaid interest, first (2 days)$101.90
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 10 moOf the original 30-year loan at 6.710%
Interest already paid$60,079Through Nov 2026
Assumption only · ends Sep 2053$349,265
New conventional · ends Dec 2056$309,835