Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,294/mo
+$253/mo- Down payment
- $0
- Funds due
- $9,454
- Interest + MI left
- $338,773
- First ends
- Jun 2053
New loan
New conventional
$2,041/mo
Lowest payment- Down payment
- $27,000
- Funds due
- $34,384
- Interest + MI left
- $368,526
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $279,639 | $243,000 |
| Second mortgage | — | — |
| First P&I | $1,850.91 | $1,682.48 |
| Second P&I | — | — |
| Mortgage insurance | $133.66 | $48.60 |
| Taxes, insurance & HOA | $309.75 | $309.75 |
| Total housing payment | $2,294.32 | $2,040.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,454
Usable credit−$0
Total buyer cash needed$9,454
Earnest money paid−$0
Remaining funds due$9,454
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,700.00
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)$296.25
Initial HOA (3 months)$183.00
Prepaid interest, first (1 days)$50.11
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 6.540%
Interest already paid$63,906Through Nov 2026
Assumption only · ends Jun 2053$338,773
New conventional · ends Dec 2056$368,526