Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,078/mo
+$406/mo- Down payment
- $0
- Funds due
- $10,729
- Interest + MI left
- $478,635
- First ends
- Jan 2054
New loan
New conventional
$2,672/mo
Lowest payment- Down payment
- $33,900
- Funds due
- $42,484
- Interest + MI left
- $462,705
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $344,824 | $305,100 |
| Second mortgage | — | — |
| First P&I | $2,416.61 | $2,112.45 |
| Second P&I | — | — |
| Mortgage insurance | $162.85 | $61.02 |
| Taxes, insurance & HOA | $498.75 | $498.75 |
| Total housing payment | $3,078.21 | $2,672.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,729
Usable credit−$0
Total buyer cash needed$10,729
Earnest money paid−$0
Remaining funds due$10,729
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)$521.25
Initial HOA (3 months)$525.00
Prepaid interest, first (1 days)$68.21
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 2 moOf the original 30-year loan at 7.220%
Interest already paid$71,680Through Nov 2026
Assumption only · ends Jan 2054$478,635
New conventional · ends Dec 2056$462,705