Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,870/mo
+$315/mo- Down payment
- $0
- Funds due
- $10,921
- Interest + MI left
- $426,644
- First ends
- Jun 2053
New loan
New conventional
$2,555/mo
Lowest payment- Down payment
- $34,990
- Funds due
- $43,749
- Interest + MI left
- $460,451
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $353,457 | $314,910 |
| Second mortgage | — | — |
| First P&I | $2,342.26 | $2,133.31 |
| Second P&I | — | — |
| Mortgage insurance | $169.14 | $62.98 |
| Taxes, insurance & HOA | $359.00 | $359.00 |
| Total housing payment | $2,870.40 | $2,555.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,921
Usable credit−$0
Total buyer cash needed$10,921
Earnest money paid−$0
Remaining funds due$10,921
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,499.00
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)$420.00
Initial HOA (3 months)$207.00
Prepaid interest, first (9 days)$569.99
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 6 moOf the original 30-year loan at 6.54%
Interest already paid$82,799Through Dec 2026
Assumption only · ends Jun 2053$426,644
New conventional · ends Jan 2057$460,451