Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,231/mo
+$426/mo- Down payment
- $0
- Funds due
- $9,493
- Interest + MI left
- $319,908
- First ends
- Mar 2053
New loan
New conventional
$1,804/mo
Lowest payment- Down payment
- $24,100
- Funds due
- $31,502
- Interest + MI left
- $317,144
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $276,334 | $216,900 |
| Second mortgage | — | — |
| First P&I | $1,806.27 | $1,469.36 |
| Second P&I | — | — |
| Mortgage insurance | $132.91 | $43.38 |
| Taxes, insurance & HOA | $291.42 | $291.42 |
| Total housing payment | $2,230.59 | $1,804.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,493
Usable credit−$0
Total buyer cash needed$9,493
Earnest money paid−$0
Remaining funds due$9,493
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,410.00
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)$289.25
Initial HOA (3 months)$135.00
Prepaid interest, first (9 days)$433.35
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 6.36%
Interest already paid$67,634Through Dec 2026
Assumption only · ends Mar 2053$319,908
New conventional · ends Jan 2057$317,144