Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,190/mo
+$694/mo- Down payment
- $0
- Funds due
- $10,117
- Interest + MI left
- $554,656
- First ends
- Feb 2054
New loan
New conventional
$2,496/mo
Lowest payment- Down payment
- $34,900
- Funds due
- $42,853
- Interest + MI left
- $476,354
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $384,854 | $314,100 |
| Second mortgage | — | — |
| First P&I | $2,750.55 | $2,174.76 |
| Second P&I | — | — |
| Mortgage insurance | $181.36 | $62.82 |
| Taxes, insurance & HOA | $257.92 | $257.92 |
| Total housing payment | $3,189.83 | $2,495.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,117
Usable credit−$0
Total buyer cash needed$10,117
Earnest money paid−$0
Remaining funds due$10,117
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,490.00
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)$323.75
Prepaid interest, first (1 days)$78.45
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 3 moOf the original 30-year loan at 7.440%
Interest already paid$79,922Through Nov 2026
Assumption only · ends Feb 2054$554,656
New conventional · ends Dec 2056$476,354