Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,788/mo
+$157/mo- Down payment
- $7,408
- Funds due
- $18,500
- Interest + MI left
- $345,835
- First ends
- Jun 2053
New loan
New conventional
$2,631/mo
Lowest payment- Down payment
- $29,000
- Funds due
- $38,006
- Interest + MI left
- $395,824
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $282,592 | $261,000 |
| Second mortgage | — | — |
| First P&I | $1,881.27 | $1,807.11 |
| Second P&I | — | — |
| Mortgage insurance | $135.01 | $52.20 |
| Taxes, insurance & HOA | $771.67 | $771.67 |
| Total housing payment | $2,787.95 | $2,630.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$7,408
Closing costs & prepaids$11,092
Usable credit−$0
Total buyer cash needed$18,500
Earnest money paid−$0
Remaining funds due$18,500
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,900.00
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)$1,010.00
Initial HOA (3 months)$855.00
Prepaid interest, first (2 days)$102.20
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 7 moOf the original 30-year loan at 6.600%
Interest already paid$65,158Through Nov 2026
Assumption only · ends Jun 2053$345,835
New conventional · ends Dec 2056$395,824