Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,922/mo
+$426/mo- Down payment
- $0
- Funds due
- $10,319
- Interest + MI left
- $449,395
- First ends
- Sep 2053
New loan
New conventional
$2,496/mo
Lowest payment- Down payment
- $33,300
- Funds due
- $41,476
- Interest + MI left
- $454,515
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $356,613 | $299,700 |
| Second mortgage | — | — |
| First P&I | $2,391.09 | $2,075.06 |
| Second P&I | — | — |
| Mortgage insurance | $169.66 | $59.94 |
| Taxes, insurance & HOA | $360.83 | $360.83 |
| Total housing payment | $2,921.58 | $2,495.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,319
Usable credit−$0
Total buyer cash needed$10,319
Earnest money paid−$0
Remaining funds due$10,319
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,330.00
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)$422.50
Initial HOA (3 months)$210.00
Prepaid interest, first (2 days)$131.12
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 10 moOf the original 30-year loan at 6.710%
Interest already paid$77,303Through Nov 2026
Assumption only · ends Sep 2053$449,395
New conventional · ends Dec 2056$454,515