Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,741/mo
+$754/mo- Down payment
- $0
- Funds due
- $10,230
- Interest + MI left
- $371,470
- First ends
- Feb 2053
New loan
New conventional
$1,987/mo
Lowest payment- Down payment
- $22,500
- Funds due
- $30,584
- Interest + MI left
- $296,088
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $286,124 | $202,500 |
| Second mortgage | — | — |
| First P&I | $1,954.35 | $1,371.81 |
| Second P&I | — | — |
| Mortgage insurance | $212.13 | $40.50 |
| Taxes, insurance & HOA | $575.00 | $575.00 |
| Total housing payment | $2,741.48 | $1,987.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,230
Usable credit−$0
Total buyer cash needed$10,230
Earnest money paid−$0
Remaining funds due$10,230
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,250.00
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)$270.00
Initial HOA (3 months)$1,005.00
Prepaid interest, first (9 days)$480.45
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 2 moOf the original 30-year loan at 6.81%
Interest already paid$76,549Through Dec 2026
Assumption only · ends Feb 2053$371,470
New conventional · ends Jan 2057$296,088