Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,014/mo
+$214/mo- Down payment
- $0
- Funds due
- $9,510
- Interest + MI left
- $259,528
- First ends
- May 2053
New loan
New conventional
$1,800/mo
Lowest payment- Down payment
- $21,490
- Funds due
- $28,980
- Interest + MI left
- $282,797
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $224,101 | $193,410 |
| Second mortgage | — | — |
| First P&I | $1,455.61 | $1,310.23 |
| Second P&I | — | — |
| Mortgage insurance | $107.56 | $38.68 |
| Taxes, insurance & HOA | $451.00 | $451.00 |
| Total housing payment | $2,014.17 | $1,799.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,510
Usable credit−$0
Total buyer cash needed$9,510
Earnest money paid−$0
Remaining funds due$9,510
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,149.00
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)$258.00
Initial HOA (3 months)$645.00
Prepaid interest, first (6 days)$232.82
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 6.32%
Interest already paid$52,021Through Dec 2026
Assumption only · ends May 2053$259,528
New conventional · ends Jan 2057$282,797