Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,272/mo
+$577/mo- Down payment
- $0
- Funds due
- $9,018
- Interest + MI left
- $357,842
- First ends
- Feb 2054
New loan
New conventional
$1,695/mo
Lowest payment- Down payment
- $20,500
- Funds due
- $27,500
- Interest + MI left
- $279,807
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $248,292 | $184,500 |
| Second mortgage | — | — |
| First P&I | $1,774.55 | $1,277.44 |
| Second P&I | — | — |
| Mortgage insurance | $117.01 | $36.90 |
| Taxes, insurance & HOA | $380.92 | $380.92 |
| Total housing payment | $2,272.47 | $1,695.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,018
Usable credit−$0
Total buyer cash needed$9,018
Earnest money paid−$0
Remaining funds due$9,018
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,050.00
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)$122.75
Initial HOA (3 months)$570.00
Prepaid interest, first (1 days)$50.61
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$51,562Through Nov 2026
Assumption only · ends Feb 2054$357,842
New conventional · ends Dec 2056$279,807