Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,956/mo
+$978/mo- Down payment
- $0
- Funds due
- $10,380
- Interest + MI left
- $373,471
- First ends
- Jun 2053
New loan
New conventional
$1,978/mo
Lowest payment- Down payment
- $19,440
- Funds due
- $27,679
- Interest + MI left
- $255,820
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $309,406 | $174,960 |
| Second mortgage | — | — |
| First P&I | $2,050.34 | $1,185.24 |
| Second P&I | — | — |
| Mortgage insurance | $148.06 | $34.99 |
| Taxes, insurance & HOA | $757.75 | $757.75 |
| Total housing payment | $2,956.15 | $1,977.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,380
Usable credit−$0
Total buyer cash needed$10,380
Earnest money paid−$0
Remaining funds due$10,380
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,944.00
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)$233.25
Initial HOA (3 months)$1,590.00
Prepaid interest, first (7 days)$388.07
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 6.54%
Interest already paid$72,480Through Dec 2026
Assumption only · ends Jun 2053$373,471
New conventional · ends Jan 2057$255,820