Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,804/mo
+$624/mo- Down payment
- $0
- Funds due
- $10,170
- Interest + MI left
- $356,857
- First ends
- Feb 2053
New loan
New conventional
$2,180/mo
Lowest payment- Down payment
- $23,800
- Funds due
- $31,924
- Interest + MI left
- $324,849
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $296,030 | $214,200 |
| Second mortgage | — | — |
| First P&I | $1,929.43 | $1,483.08 |
| Second P&I | — | — |
| Mortgage insurance | $220.10 | $42.84 |
| Taxes, insurance & HOA | $654.50 | $654.50 |
| Total housing payment | $2,804.03 | $2,180.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,170
Usable credit−$0
Total buyer cash needed$10,170
Earnest money paid−$0
Remaining funds due$10,170
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,380.00
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)$941.50
Initial HOA (3 months)$572.01
Prepaid interest, first (1 days)$51.34
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 3 moOf the original 30-year loan at 6.330%
Interest already paid$72,123Through Nov 2026
Assumption only · ends Feb 2053$356,857
New conventional · ends Dec 2056$324,849