Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,514/mo
+$384/mo- Down payment
- $0
- Funds due
- $10,152
- Interest + MI left
- $362,701
- First ends
- Jul 2053
New loan
New conventional
$2,131/mo
Lowest payment- Down payment
- $28,300
- Funds due
- $36,335
- Interest + MI left
- $372,414
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $309,844 | $254,700 |
| Second mortgage | — | — |
| First P&I | $2,011.56 | $1,725.43 |
| Second P&I | — | — |
| Mortgage insurance | $148.33 | $50.94 |
| Taxes, insurance & HOA | $354.17 | $354.17 |
| Total housing payment | $2,514.05 | $2,130.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,152
Usable credit−$0
Total buyer cash needed$10,152
Earnest money paid−$0
Remaining funds due$10,152
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,830.00
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)$339.50
Initial HOA (3 months)$273.00
Prepaid interest, first (9 days)$484.38
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 7 moOf the original 30-year loan at 6.34%
Interest already paid$68,699Through Dec 2026
Assumption only · ends Jul 2053$362,701
New conventional · ends Jan 2057$372,414