Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,462/mo
+$741/mo- Down payment
- $0
- Funds due
- $9,464
- Interest + MI left
- $314,526
- First ends
- Sep 2053
New loan
New conventional
$1,722/mo
Lowest payment- Down payment
- $16,490
- Funds due
- $23,973
- Interest + MI left
- $225,074
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $251,257 | $148,410 |
| Second mortgage | — | — |
| First P&I | $1,678.22 | $1,027.56 |
| Second P&I | — | — |
| Mortgage insurance | $119.57 | $29.68 |
| Taxes, insurance & HOA | $664.67 | $664.67 |
| Total housing payment | $2,462.46 | $1,721.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,464
Usable credit−$0
Total buyer cash needed$9,464
Earnest money paid−$0
Remaining funds due$9,464
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,649.00
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)$659.00
Initial HOA (3 months)$885.00
Prepaid interest, first (1 days)$45.91
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 10 moOf the original 30-year loan at 6.670%
Interest already paid$54,148Through Nov 2026
Assumption only · ends Sep 2053$314,526
New conventional · ends Dec 2056$225,074