Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,393/mo
+$315/mo- Down payment
- $0
- Funds due
- $9,381
- Interest + MI left
- $362,763
- First ends
- Apr 2053
New loan
New conventional
$2,077/mo
Lowest payment- Down payment
- $29,000
- Funds due
- $36,292
- 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 | $301,801 | $261,000 |
| Second mortgage | — | — |
| First P&I | $1,950.81 | $1,807.11 |
| Second P&I | — | — |
| Mortgage insurance | $223.95 | $52.20 |
| Taxes, insurance & HOA | $218.00 | $218.00 |
| Total housing payment | $2,392.76 | $2,077.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,381
Usable credit−$0
Total buyer cash needed$9,381
Earnest money paid−$0
Remaining funds due$9,381
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)$204.00
Prepaid interest, first (1 days)$51.84
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 5 moOf the original 30-year loan at 6.270%
Interest already paid$69,519Through Nov 2026
Assumption only · ends Apr 2053$362,763
New conventional · ends Dec 2056$395,824