Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,508/mo
+$103/mo- Down payment
- $19,170
- Funds due
- $29,438
- Interest + MI left
- $336,350
- First ends
- Mar 2053
New loan
New conventional
$2,405/mo
Lowest payment- Down payment
- $30,000
- Funds due
- $38,175
- Interest + MI left
- $409,472
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $280,829 | $269,999 |
| Second mortgage | — | — |
| First P&I | $1,817.50 | $1,869.42 |
| Second P&I | — | — |
| Mortgage insurance | $208.65 | $54.00 |
| Taxes, insurance & HOA | $481.75 | $481.75 |
| Total housing payment | $2,507.90 | $2,405.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,170
Closing costs & prepaids$10,268
Usable credit−$0
Total buyer cash needed$29,438
Earnest money paid−$0
Remaining funds due$29,438
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,999.99
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)$952.50
Initial HOA (3 months)$42.75
Prepaid interest, first (1 days)$48.24
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 4 moOf the original 30-year loan at 6.270%
Interest already paid$66,237Through Nov 2026
Assumption only · ends Mar 2053$336,350
New conventional · ends Dec 2056$409,472