Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,532/mo
+$222/mo- Down payment
- $0
- Funds due
- $10,764
- Interest + MI left
- $293,032
- First ends
- Aug 2053
New loan
New conventional
$2,310/mo
Lowest payment- Down payment
- $24,290
- Funds due
- $33,008
- Interest + MI left
- $315,923
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $249,424 | $218,610 |
| Second mortgage | — | — |
| First P&I | $1,617.36 | $1,470.60 |
| Second P&I | — | — |
| Mortgage insurance | $119.26 | $43.72 |
| Taxes, insurance & HOA | $795.50 | $795.50 |
| Total housing payment | $2,532.12 | $2,309.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,764
Usable credit−$0
Total buyer cash needed$10,764
Earnest money paid−$0
Remaining funds due$10,764
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,429.00
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)$619.50
Initial HOA (3 months)$1,317.00
Prepaid interest, first (4 days)$173.30
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 8 moOf the original 30-year loan at 6.34%
Interest already paid$53,919Through Dec 2026
Assumption only · ends Aug 2053$293,032
New conventional · ends Jan 2057$315,923