Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,443/mo
+$296/mo- Down payment
- $0
- Funds due
- $9,899
- Interest + MI left
- $362,927
- First ends
- May 2053
New loan
New conventional
$2,146/mo
Lowest payment- Down payment
- $29,900
- Funds due
- $37,692
- Interest + MI left
- $393,469
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $309,605 | $269,100 |
| Second mortgage | — | — |
| First P&I | $2,024.66 | $1,822.98 |
| Second P&I | — | — |
| Mortgage insurance | $148.51 | $53.82 |
| Taxes, insurance & HOA | $269.58 | $269.58 |
| Total housing payment | $2,442.75 | $2,146.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,899
Usable credit−$0
Total buyer cash needed$9,899
Earnest money paid−$0
Remaining funds due$9,899
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,990.00
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)$358.75
Prepaid interest, first (6 days)$325.21
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 5 moOf the original 30-year loan at 6.39%
Interest already paid$72,644Through Dec 2026
Assumption only · ends May 2053$362,927
New conventional · ends Jan 2057$393,469