Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,608/mo
+$274/mo- Down payment
- $0
- Funds due
- $10,197
- Interest + MI left
- $366,507
- First ends
- Aug 2053
New loan
New conventional
$2,334/mo
Lowest payment- Down payment
- $28,500
- Funds due
- $36,611
- Interest + MI left
- $389,000
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $292,869 | $256,500 |
| Second mortgage | — | — |
| First P&I | $1,962.11 | $1,775.95 |
| Second P&I | — | — |
| Mortgage insurance | $139.51 | $51.30 |
| Taxes, insurance & HOA | $506.25 | $506.25 |
| Total housing payment | $2,607.87 | $2,333.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,197
Usable credit−$0
Total buyer cash needed$10,197
Earnest money paid−$0
Remaining funds due$10,197
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,850.00
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)$1,061.25
Initial HOA (3 months)$7.50
Prepaid interest, first (1 days)$53.68
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 9 moOf the original 30-year loan at 6.690%
Interest already paid$65,006Through Nov 2026
Assumption only · ends Aug 2053$366,507
New conventional · ends Dec 2056$389,000