Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,706/mo
+$433/mo- Down payment
- $0
- Funds due
- $10,623
- Interest + MI left
- $350,025
- First ends
- Sep 2053
New loan
New conventional
$2,273/mo
Lowest payment- Down payment
- $25,000
- Funds due
- $33,544
- Interest + MI left
- $325,157
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $275,111 | $225,000 |
| Second mortgage | — | — |
| First P&I | $1,860.84 | $1,513.59 |
| Second P&I | — | — |
| Mortgage insurance | $130.96 | $45.00 |
| Taxes, insurance & HOA | $714.50 | $714.50 |
| Total housing payment | $2,706.30 | $2,273.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,623
Usable credit−$0
Total buyer cash needed$10,623
Earnest money paid−$0
Remaining funds due$10,623
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,500.00
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)$637.50
Initial HOA (3 months)$1,056.00
Prepaid interest, first (4 days)$204.71
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 9 moOf the original 30-year loan at 6.79%
Interest already paid$61,955Through Dec 2026
Assumption only · ends Sep 2053$350,025
New conventional · ends Jan 2057$325,157