Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,379/mo
+$304/mo- Down payment
- $0
- Funds due
- $9,602
- Interest + MI left
- $342,175
- First ends
- Aug 2053
New loan
New conventional
$2,075/mo
Lowest payment- Down payment
- $26,500
- Funds due
- $34,035
- Interest + MI left
- $361,701
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $285,721 | $238,500 |
| Second mortgage | — | — |
| First P&I | $1,866.80 | $1,651.33 |
| Second P&I | — | — |
| Mortgage insurance | $136.36 | $47.70 |
| Taxes, insurance & HOA | $375.50 | $375.50 |
| Total housing payment | $2,378.66 | $2,074.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,602
Usable credit−$0
Total buyer cash needed$9,602
Earnest money paid−$0
Remaining funds due$9,602
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,650.00
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)$334.50
Initial HOA (3 months)$342.00
Prepaid interest, first (1 days)$50.33
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 9 moOf the original 30-year loan at 6.430%
Interest already paid$61,015Through Nov 2026
Assumption only · ends Aug 2053$342,175
New conventional · ends Dec 2056$361,701