Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,423/mo
+$489/mo- Down payment
- $0
- Funds due
- $10,034
- Interest + MI left
- $331,000
- First ends
- Sep 2053
New loan
New conventional
$1,934/mo
Lowest payment- Down payment
- $22,400
- Funds due
- $30,331
- Interest + MI left
- $294,773
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $263,619 | $201,600 |
| Second mortgage | — | — |
| First P&I | $1,769.53 | $1,365.71 |
| Second P&I | — | — |
| Mortgage insurance | $125.56 | $40.32 |
| Taxes, insurance & HOA | $527.58 | $527.58 |
| Total housing payment | $2,422.67 | $1,933.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,034
Usable credit−$0
Total buyer cash needed$10,034
Earnest money paid−$0
Remaining funds due$10,034
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,240.00
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)$268.75
Initial HOA (3 months)$864.00
Prepaid interest, first (9 days)$436.16
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 9 moOf the original 30-year loan at 6.71%
Interest already paid$58,684Through Dec 2026
Assumption only · ends Sep 2053$331,000
New conventional · ends Jan 2057$294,773