Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,951/mo
+$269/mo- Down payment
- $0
- Funds due
- $13,090
- Interest + MI left
- $489,580
- First ends
- Apr 2053
New loan
New conventional
$3,682/mo
Lowest payment- Down payment
- $42,000
- Funds due
- $52,877
- Interest + MI left
- $573,262
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $426,458 | $378,000 |
| Second mortgage | — | — |
| First P&I | $2,756.58 | $2,617.20 |
| Second P&I | — | — |
| Mortgage insurance | $204.76 | $75.60 |
| Taxes, insurance & HOA | $989.50 | $989.50 |
| Total housing payment | $3,950.84 | $3,682.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$13,090
Usable credit−$0
Total buyer cash needed$13,090
Earnest money paid−$0
Remaining funds due$13,090
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,200.00
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)$2,416.50
Initial HOA (3 months)$102.00
Prepaid interest, first (2 days)$146.51
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 5 moOf the original 30-year loan at 6.270%
Interest already paid$98,233Through Nov 2026
Assumption only · ends Apr 2053$489,580
New conventional · ends Dec 2056$573,262