Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,340/mo
+$198/mo- Down payment
- $11,425
- Funds due
- $21,534
- Interest + MI left
- $356,895
- First ends
- Oct 2053
New loan
New conventional
$2,142/mo
Lowest payment- Down payment
- $29,000
- Funds due
- $37,013
- Interest + MI left
- $381,625
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $278,575 | $261,000 |
| Second mortgage | — | — |
| First P&I | $1,885.79 | $1,768.10 |
| Second P&I | — | — |
| Mortgage insurance | $132.44 | $52.20 |
| Taxes, insurance & HOA | $322.00 | $322.00 |
| Total housing payment | $2,340.24 | $2,142.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$11,425
Closing costs & prepaids$10,109
Usable credit−$0
Total buyer cash needed$21,534
Earnest money paid−$0
Remaining funds due$21,534
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,900.00
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)$348.00
Initial HOA (3 months)$168.00
Prepaid interest, first (9 days)$467.78
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 10 moOf the original 30-year loan at 6.81%
Interest already paid$61,265Through Dec 2026
Assumption only · ends Oct 2053$356,895
New conventional · ends Jan 2057$381,625