Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,446/mo
+$252/mo- Down payment
- $0
- Funds due
- $10,183
- Interest + MI left
- $351,213
- First ends
- Apr 2053
New loan
New conventional
$2,194/mo
Lowest payment- Down payment
- $30,000
- Funds due
- $38,086
- Interest + MI left
- $394,785
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $307,044 | $270,000 |
| Second mortgage | — | — |
| First P&I | $1,987.16 | $1,829.07 |
| Second P&I | — | — |
| Mortgage insurance | $147.61 | $54.00 |
| Taxes, insurance & HOA | $311.00 | $311.00 |
| Total housing payment | $2,445.77 | $2,194.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,183
Usable credit−$0
Total buyer cash needed$10,183
Earnest money paid−$0
Remaining funds due$10,183
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,000.00
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)$360.00
Initial HOA (3 months)$123.00
Prepaid interest, first (9 days)$474.70
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$72,421Through Dec 2026
Assumption only · ends Apr 2053$351,213
New conventional · ends Jan 2057$394,785