Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,119/mo
+$141/mo- Down payment
- $282
- Funds due
- $9,567
- Interest + MI left
- $315,915
- First ends
- Jun 2053
New loan
New conventional
$1,979/mo
Lowest payment- Down payment
- $27,300
- Funds due
- $34,517
- Interest + MI left
- $372,621
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $272,718 | $245,700 |
| Second mortgage | — | — |
| First P&I | $1,760.21 | $1,701.18 |
| Second P&I | — | — |
| Mortgage insurance | $130.61 | $49.14 |
| Taxes, insurance & HOA | $228.42 | $228.42 |
| Total housing payment | $2,119.24 | $1,978.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$282
Closing costs & prepaids$9,284
Usable credit−$0
Total buyer cash needed$9,567
Earnest money paid−$0
Remaining funds due$9,567
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,730.00
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)$235.25
Prepaid interest, first (2 days)$93.84
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 7 moOf the original 30-year loan at 6.280%
Interest already paid$59,910Through Nov 2026
Assumption only · ends Jun 2053$315,915
New conventional · ends Dec 2056$372,621