Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,321/mo
+$15/mo- Down payment
- $16,105
- Funds due
- $26,587
- Interest + MI left
- $263,413
- First ends
- Jun 2053
New loan
New conventional
$2,306/mo
Lowest payment- Down payment
- $24,350
- Funds due
- $32,794
- Interest + MI left
- $332,356
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $227,395 | $219,150 |
| Second mortgage | — | — |
| First P&I | $1,467.68 | $1,517.35 |
| Second P&I | — | — |
| Mortgage insurance | $108.91 | $43.83 |
| Taxes, insurance & HOA | $744.33 | $744.33 |
| Total housing payment | $2,320.92 | $2,305.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,105
Closing costs & prepaids$10,482
Usable credit−$0
Total buyer cash needed$26,587
Earnest money paid−$0
Remaining funds due$26,587
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,435.00
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)$703.00
Initial HOA (3 months)$1,080.00
Prepaid interest, first (1 days)$39.12
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 7 moOf the original 30-year loan at 6.280%
Interest already paid$49,954Through Nov 2026
Assumption only · ends Jun 2053$263,413
New conventional · ends Dec 2056$332,356