Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,869/mo
+$201/mo- Down payment
- $0
- Funds due
- $11,358
- Interest + MI left
- $349,441
- First ends
- Apr 2053
New loan
New conventional
$2,668/mo
Lowest payment- Down payment
- $30,990
- Funds due
- $40,252
- Interest + MI left
- $407,813
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $312,038 | $278,910 |
| Second mortgage | — | — |
| First P&I | $1,996.04 | $1,889.43 |
| Second P&I | — | — |
| Mortgage insurance | $150.17 | $55.78 |
| Taxes, insurance & HOA | $723.00 | $723.00 |
| Total housing payment | $2,869.21 | $2,668.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,358
Usable credit−$0
Total buyer cash needed$11,358
Earnest money paid−$0
Remaining funds due$11,358
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,099.00
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)$372.00
Initial HOA (3 months)$1,347.00
Prepaid interest, first (6 days)$315.46
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 4 moOf the original 30-year loan at 6.15%
Interest already paid$72,229Through Dec 2026
Assumption only · ends Apr 2053$349,441
New conventional · ends Jan 2057$407,813