Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,618/mo
+$356/mo- Down payment
- $0
- Funds due
- $10,422
- Interest + MI left
- $380,283
- First ends
- Jun 2053
New loan
New conventional
$2,262/mo
Lowest payment- Down payment
- $29,990
- Funds due
- $38,282
- Interest + MI left
- $394,653
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $315,049 | $269,910 |
| Second mortgage | — | — |
| First P&I | $2,087.73 | $1,828.46 |
| Second P&I | — | — |
| Mortgage insurance | $150.76 | $53.98 |
| Taxes, insurance & HOA | $380.00 | $380.00 |
| Total housing payment | $2,618.49 | $2,262.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,422
Usable credit−$0
Total buyer cash needed$10,422
Earnest money paid−$0
Remaining funds due$10,422
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,999.00
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)$360.00
Initial HOA (3 months)$330.00
Prepaid interest, first (9 days)$508.05
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$73,802Through Dec 2026
Assumption only · ends Jun 2053$380,283
New conventional · ends Jan 2057$394,653