Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,539/mo
+$427/mo- Down payment
- $0
- Funds due
- $9,486
- Interest + MI left
- $436,827
- First ends
- Jan 2054
New loan
New conventional
$2,112/mo
Lowest payment- Down payment
- $29,100
- Funds due
- $36,486
- Interest + MI left
- $397,189
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $296,046 | $261,900 |
| Second mortgage | — | — |
| First P&I | $2,153.37 | $1,813.34 |
| Second P&I | — | — |
| Mortgage insurance | $139.51 | $52.38 |
| Taxes, insurance & HOA | $246.42 | $246.42 |
| Total housing payment | $2,539.30 | $2,112.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,486
Usable credit−$0
Total buyer cash needed$9,486
Earnest money paid−$0
Remaining funds due$9,486
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,910.00
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)$13.25
Initial HOA (3 months)$276.00
Prepaid interest, first (1 days)$61.80
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 7.620%
Interest already paid$64,875Through Nov 2026
Assumption only · ends Jan 2054$436,827
New conventional · ends Dec 2056$397,189