Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,320/mo
+$424/mo- Down payment
- $0
- Funds due
- $11,718
- Interest + MI left
- $415,475
- First ends
- Feb 2053
New loan
New conventional
$2,896/mo
Lowest payment- Down payment
- $31,000
- Funds due
- $40,602
- Interest + MI left
- $423,122
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $318,854 | $279,000 |
| Second mortgage | — | — |
| First P&I | $2,175.41 | $1,931.74 |
| Second P&I | — | — |
| Mortgage insurance | $236.12 | $55.80 |
| Taxes, insurance & HOA | $908.00 | $908.00 |
| Total housing payment | $3,319.54 | $2,895.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,718
Usable credit−$0
Total buyer cash needed$11,718
Earnest money paid−$0
Remaining funds due$11,718
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,100.00
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)$1,224.00
Initial HOA (3 months)$1,050.00
Prepaid interest, first (2 days)$118.98
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 3 moOf the original 30-year loan at 6.810%
Interest already paid$83,398Through Nov 2026
Assumption only · ends Feb 2053$415,475
New conventional · ends Dec 2056$423,122