Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,646/mo
+$420/mo- Down payment
- $0
- Funds due
- $9,791
- Interest + MI left
- $437,921
- First ends
- Aug 2054
New loan
New conventional
$2,226/mo
Lowest payment- Down payment
- $29,500
- Funds due
- $37,188
- Interest + MI left
- $402,649
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $315,574 | $265,500 |
| Second mortgage | — | — |
| First P&I | $2,163.37 | $1,838.27 |
| Second P&I | — | — |
| Mortgage insurance | $148.14 | $53.10 |
| Taxes, insurance & HOA | $334.83 | $334.83 |
| Total housing payment | $2,646.34 | $2,226.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,791
Usable credit−$0
Total buyer cash needed$9,791
Earnest money paid−$0
Remaining funds due$9,791
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,950.00
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)$359.50
Initial HOA (3 months)$195.00
Prepaid interest, first (1 days)$61.04
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 9 moOf the original 30-year loan at 7.060%
Interest already paid$50,774Through Nov 2026
Assumption only · ends Aug 2054$437,921
New conventional · ends Dec 2056$402,649