Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,724/mo
+$478/mo- Down payment
- $0
- Funds due
- $9,772
- Interest + MI left
- $424,837
- First ends
- Feb 2053
New loan
New conventional
$2,246/mo
Lowest payment- Down payment
- $31,000
- Funds due
- $38,653
- Interest + MI left
- $423,122
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $326,040 | $279,000 |
| Second mortgage | — | — |
| First P&I | $2,224.44 | $1,931.74 |
| Second P&I | — | — |
| Mortgage insurance | $241.44 | $55.80 |
| Taxes, insurance & HOA | $258.34 | $258.34 |
| Total housing payment | $2,724.22 | $2,245.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,772
Usable credit−$0
Total buyer cash needed$9,772
Earnest money paid−$0
Remaining funds due$9,772
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,100.00
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)$215.00
Initial HOA (3 months)$110.01
Prepaid interest, first (2 days)$121.66
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$85,277Through Nov 2026
Assumption only · ends Feb 2053$424,837
New conventional · ends Dec 2056$423,122