Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,787/mo
+$283/mo- Down payment
- $11,586
- Funds due
- $22,401
- Interest + MI left
- $403,143
- First ends
- Feb 2053
New loan
New conventional
$2,503/mo
Lowest payment- Down payment
- $33,900
- Funds due
- $42,593
- Interest + MI left
- $446,107
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $327,414 | $305,100 |
| Second mortgage | — | — |
| First P&I | $2,167.58 | $2,066.85 |
| Second P&I | — | — |
| Mortgage insurance | $243.42 | $61.02 |
| Taxes, insurance & HOA | $375.58 | $375.58 |
| Total housing payment | $2,786.59 | $2,503.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$11,586
Closing costs & prepaids$10,815
Usable credit−$0
Total buyer cash needed$22,401
Earnest money paid−$0
Remaining funds due$22,401
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,390.00
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)$406.75
Initial HOA (3 months)$270.00
Prepaid interest, first (9 days)$523.15
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 2 moOf the original 30-year loan at 6.48%
Interest already paid$83,473Through Dec 2026
Assumption only · ends Feb 2053$403,143
New conventional · ends Jan 2057$446,107