Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,585/mo
+$425/mo- Down payment
- $0
- Funds due
- $10,232
- Interest + MI left
- $364,061
- First ends
- Apr 2053
New loan
New conventional
$2,160/mo
Lowest payment- Down payment
- $28,490
- Funds due
- $36,599
- Interest + MI left
- $374,914
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $318,277 | $256,410 |
| Second mortgage | — | — |
| First P&I | $2,059.86 | $1,737.01 |
| Second P&I | — | — |
| Mortgage insurance | $153.01 | $51.28 |
| Taxes, insurance & HOA | $372.00 | $372.00 |
| Total housing payment | $2,584.87 | $2,160.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,232
Usable credit−$0
Total buyer cash needed$10,232
Earnest money paid−$0
Remaining funds due$10,232
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,849.00
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)$342.00
Initial HOA (3 months)$324.00
Prepaid interest, first (9 days)$492.07
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 6.27%
Interest already paid$75,070Through Dec 2026
Assumption only · ends Apr 2053$364,061
New conventional · ends Jan 2057$374,914