Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,860/mo
+$222/mo- Down payment
- $0
- Funds due
- $10,894
- Interest + MI left
- $378,177
- First ends
- Jul 2053
New loan
New conventional
$2,639/mo
Lowest payment- Down payment
- $31,500
- Funds due
- $40,282
- Interest + MI left
- $429,947
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $321,898 | $283,500 |
| Second mortgage | — | — |
| First P&I | $2,087.31 | $1,962.90 |
| Second P&I | — | — |
| Mortgage insurance | $153.91 | $56.70 |
| Taxes, insurance & HOA | $619.00 | $619.00 |
| Total housing payment | $2,860.22 | $2,638.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,894
Usable credit−$0
Total buyer cash needed$10,894
Earnest money paid−$0
Remaining funds due$10,894
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,150.00
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)$879.00
Initial HOA (3 months)$528.00
Prepaid interest, first (2 days)$111.83
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 8 moOf the original 30-year loan at 6.340%
Interest already paid$69,586Through Nov 2026
Assumption only · ends Jul 2053$378,177
New conventional · ends Dec 2056$429,947