Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,643/mo
+$460/mo- Down payment
- $0
- Funds due
- $9,627
- Interest + MI left
- $416,086
- First ends
- Feb 2053
New loan
New conventional
$2,183/mo
Lowest payment- Down payment
- $30,500
- Funds due
- $38,015
- Interest + MI left
- $416,298
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $319,324 | $274,500 |
| Second mortgage | — | — |
| First P&I | $2,178.62 | $1,900.58 |
| Second P&I | — | — |
| Mortgage insurance | $236.47 | $54.90 |
| Taxes, insurance & HOA | $227.75 | $227.75 |
| Total housing payment | $2,642.84 | $2,183.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,627
Usable credit−$0
Total buyer cash needed$9,627
Earnest money paid−$0
Remaining funds due$9,627
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,050.00
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)$233.25
Prepaid interest, first (2 days)$119.16
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 3 moOf the original 30-year loan at 6.810%
Interest already paid$83,521Through Nov 2026
Assumption only · ends Feb 2053$416,086
New conventional · ends Dec 2056$416,298