Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,542/mo
+$424/mo- Down payment
- $0
- Funds due
- $9,703
- Interest + MI left
- $388,583
- First ends
- Oct 2053
New loan
New conventional
$2,118/mo
Lowest payment- Down payment
- $27,500
- Funds due
- $35,115
- Interest + MI left
- $375,350
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $302,209 | $247,500 |
| Second mortgage | — | — |
| First P&I | $2,043.56 | $1,713.64 |
| Second P&I | — | — |
| Mortgage insurance | $143.52 | $49.50 |
| Taxes, insurance & HOA | $355.00 | $355.00 |
| Total housing payment | $2,542.08 | $2,118.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,703
Usable credit−$0
Total buyer cash needed$9,703
Earnest money paid−$0
Remaining funds due$9,703
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,750.00
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)$450.00
Initial HOA (3 months)$165.00
Prepaid interest, first (2 days)$112.77
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 11 moOf the original 30-year loan at 6.810%
Interest already paid$64,676Through Nov 2026
Assumption only · ends Oct 2053$388,583
New conventional · ends Dec 2056$375,350