Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,481/mo
+$635/mo- Down payment
- $0
- Funds due
- $9,883
- Interest + MI left
- $337,947
- First ends
- Jun 2053
New loan
New conventional
$1,846/mo
Lowest payment- Down payment
- $21,300
- Funds due
- $29,059
- Interest + MI left
- $280,297
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $274,844 | $191,700 |
| Second mortgage | — | — |
| First P&I | $1,840.58 | $1,298.64 |
| Second P&I | — | — |
| Mortgage insurance | $131.41 | $38.34 |
| Taxes, insurance & HOA | $509.17 | $509.17 |
| Total housing payment | $2,481.16 | $1,846.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,883
Usable credit−$0
Total buyer cash needed$9,883
Earnest money paid−$0
Remaining funds due$9,883
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,130.00
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)$255.50
Initial HOA (3 months)$822.00
Prepaid interest, first (9 days)$450.67
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 6.65%
Interest already paid$65,437Through Dec 2026
Assumption only · ends Jun 2053$337,947
New conventional · ends Jan 2057$280,297