Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,348/mo
+$689/mo- Down payment
- $0
- Funds due
- $11,470
- Interest + MI left
- $390,461
- First ends
- Mar 2053
New loan
New conventional
$2,659/mo
Lowest payment- Down payment
- $25,990
- Funds due
- $35,377
- Interest + MI left
- $354,740
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $336,048 | $233,910 |
| Second mortgage | — | — |
| First P&I | $2,193.89 | $1,619.55 |
| Second P&I | — | — |
| Mortgage insurance | $161.43 | $46.78 |
| Taxes, insurance & HOA | $992.83 | $992.83 |
| Total housing payment | $3,348.15 | $2,659.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,470
Usable credit−$0
Total buyer cash needed$11,470
Earnest money paid−$0
Remaining funds due$11,470
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,599.00
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)$1,505.50
Initial HOA (3 months)$1,023.00
Prepaid interest, first (2 days)$117.11
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 4 moOf the original 30-year loan at 6.360%
Interest already paid$80,367Through Nov 2026
Assumption only · ends Mar 2053$390,461
New conventional · ends Dec 2056$354,740