Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,608/mo
+$530/mo- Down payment
- $0
- Funds due
- $9,955
- Interest + MI left
- $365,200
- First ends
- Nov 2053
New loan
New conventional
$2,078/mo
Lowest payment- Down payment
- $22,800
- Funds due
- $30,716
- Interest + MI left
- $311,200
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $266,677 | $205,200 |
| Second mortgage | — | — |
| First P&I | $1,865.65 | $1,420.76 |
| Second P&I | — | — |
| Mortgage insurance | $126.22 | $41.04 |
| Taxes, insurance & HOA | $615.75 | $615.75 |
| Total housing payment | $2,607.63 | $2,077.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,955
Usable credit−$0
Total buyer cash needed$9,955
Earnest money paid−$0
Remaining funds due$9,955
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,280.00
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)$813.25
Initial HOA (3 months)$584.01
Prepaid interest, first (1 days)$52.46
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 closing27 yrOf the original 30-year loan at 7.180%
Interest already paid$58,441Through Nov 2026
Assumption only · ends Nov 2053$365,200
New conventional · ends Dec 2056$311,200