Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,877/mo
+$266/mo- Down payment
- $0
- Funds due
- $10,443
- Interest + MI left
- $459,556
- First ends
- May 2054
New loan
New conventional
$2,611/mo
Lowest payment- Down payment
- $35,000
- Funds due
- $43,291
- Interest + MI left
- $477,719
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $350,290 | $315,000 |
| Second mortgage | — | — |
| First P&I | $2,344.36 | $2,181.00 |
| Second P&I | — | — |
| Mortgage insurance | $165.16 | $63.00 |
| Taxes, insurance & HOA | $367.50 | $367.50 |
| Total housing payment | $2,877.02 | $2,611.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,443
Usable credit−$0
Total buyer cash needed$10,443
Earnest money paid−$0
Remaining funds due$10,443
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
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)$367.50
Initial HOA (3 months)$285.00
Prepaid interest, first (1 days)$65.07
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 6 moOf the original 30-year loan at 6.780%
Interest already paid$60,278Through Nov 2026
Assumption only · ends May 2054$459,556
New conventional · ends Dec 2056$477,719