Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,855/mo
+$518/mo- Down payment
- $0
- Funds due
- $10,191
- Interest + MI left
- $434,682
- First ends
- Sep 2053
New loan
New conventional
$2,338/mo
Lowest payment- Down payment
- $29,490
- Funds due
- $37,568
- Interest + MI left
- $402,512
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $324,313 | $265,410 |
| Second mortgage | — | — |
| First P&I | $2,254.39 | $1,837.65 |
| Second P&I | — | — |
| Mortgage insurance | $153.91 | $53.08 |
| Taxes, insurance & HOA | $447.00 | $447.00 |
| Total housing payment | $2,855.29 | $2,337.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,191
Usable credit−$0
Total buyer cash needed$10,191
Earnest money paid−$0
Remaining funds due$10,191
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,949.00
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)$567.00
Initial HOA (3 months)$324.00
Prepaid interest, first (2 days)$125.99
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 10 moOf the original 30-year loan at 7.090%
Interest already paid$74,185Through Nov 2026
Assumption only · ends Sep 2053$434,682
New conventional · ends Dec 2056$402,512