Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,602/mo
+$43/mo- Down payment
- $0
- Funds due
- $10,958
- Interest + MI left
- $274,431
- First ends
- Dec 2053
New loan
New conventional
$2,559/mo
Lowest payment- Down payment
- $27,900
- Funds due
- $36,799
- Interest + MI left
- $380,810
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $303,040 | $251,100 |
| Second mortgage | — | — |
| First P&I | $1,685.77 | $1,738.57 |
| Second P&I | — | — |
| Mortgage insurance | $145.58 | $50.22 |
| Taxes, insurance & HOA | $770.50 | $770.50 |
| Total housing payment | $2,601.86 | $2,559.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,958
Usable credit−$0
Total buyer cash needed$10,958
Earnest money paid−$0
Remaining funds due$10,958
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,790.00
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)$1,486.50
Initial HOA (3 months)$375.00
Prepaid interest, first (2 days)$81.36
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 closing27 yr 1 moOf the original 30-year loan at 4.900%
Interest already paid$44,407Through Nov 2026
Assumption only · ends Dec 2053$274,431
New conventional · ends Dec 2056$380,810