Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,268/mo
+$451/mo- Down payment
- $0
- Funds due
- $9,547
- Interest + MI left
- $337,243
- First ends
- Jan 2053
New loan
New conventional
$1,818/mo
Lowest payment- Down payment
- $23,990
- Funds due
- $31,442
- Interest + MI left
- $315,696
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $255,075 | $215,910 |
| Second mortgage | — | — |
| First P&I | $1,767.23 | $1,462.65 |
| Second P&I | — | — |
| Mortgage insurance | $189.11 | $43.18 |
| Taxes, insurance & HOA | $312.00 | $312.00 |
| Total housing payment | $2,268.34 | $1,817.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,547
Usable credit−$0
Total buyer cash needed$9,547
Earnest money paid−$0
Remaining funds due$9,547
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,399.00
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)$288.00
Initial HOA (3 months)$198.00
Prepaid interest, first (9 days)$437.12
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 1 moOf the original 30-year loan at 6.95%
Interest already paid$71,161Through Dec 2026
Assumption only · ends Jan 2053$337,243
New conventional · ends Jan 2057$315,696