Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,076/mo
+$431/mo- Down payment
- $0
- Funds due
- $8,917
- Interest + MI left
- $307,854
- First ends
- Apr 2054
New loan
New conventional
$1,645/mo
Lowest payment- Down payment
- $19,900
- Funds due
- $26,811
- Interest + MI left
- $271,617
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $241,049 | $179,100 |
| Second mortgage | — | — |
| First P&I | $1,593.11 | $1,240.05 |
| Second P&I | — | — |
| Mortgage insurance | $113.86 | $35.82 |
| Taxes, insurance & HOA | $369.50 | $369.50 |
| Total housing payment | $2,076.46 | $1,645.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$8,917
Usable credit−$0
Total buyer cash needed$8,917
Earnest money paid−$0
Remaining funds due$8,917
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,990.00
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)$322.50
Initial HOA (3 months)$336.00
Prepaid interest, first (1 days)$43.85
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 closing27 yr 5 moOf the original 30-year loan at 6.640%
Interest already paid$42,018Through Nov 2026
Assumption only · ends Apr 2054$307,854
New conventional · ends Dec 2056$271,617