Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,932/mo
+$12/mo- Down payment
- $13,701
- Funds due
- $23,009
- Interest + MI left
- $262,639
- First ends
- Apr 2053
New loan
New conventional
$1,921/mo
Lowest payment- Down payment
- $24,990
- Funds due
- $32,261
- Interest + MI left
- $341,091
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $236,199 | $224,910 |
| Second mortgage | — | — |
| First P&I | $1,500.16 | $1,557.23 |
| Second P&I | — | — |
| Mortgage insurance | $113.58 | $44.98 |
| Taxes, insurance & HOA | $318.42 | $318.42 |
| Total housing payment | $1,932.16 | $1,920.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$13,701
Closing costs & prepaids$9,308
Usable credit−$0
Total buyer cash needed$23,009
Earnest money paid−$0
Remaining funds due$23,009
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,499.00
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)$115.25
Initial HOA (3 months)$390.00
Prepaid interest, first (2 days)$78.82
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 5 moOf the original 30-year loan at 6.090%
Interest already paid$52,888Through Nov 2026
Assumption only · ends Apr 2053$262,639
New conventional · ends Dec 2056$341,091