Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,742/mo
+$508/mo- Down payment
- $0
- Funds due
- $9,591
- Interest + MI left
- $487,555
- First ends
- Jan 2054
New loan
New conventional
$2,234/mo
Lowest payment- Down payment
- $31,990
- Funds due
- $39,450
- Interest + MI left
- $436,635
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $330,425 | $287,910 |
| Second mortgage | — | — |
| First P&I | $2,403.44 | $1,993.43 |
| Second P&I | — | — |
| Mortgage insurance | $155.71 | $57.58 |
| Taxes, insurance & HOA | $182.58 | $182.58 |
| Total housing payment | $2,741.73 | $2,233.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,591
Usable credit−$0
Total buyer cash needed$9,591
Earnest money paid−$0
Remaining funds due$9,591
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,199.00
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)$97.75
Prepaid interest, first (1 days)$68.98
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$72,409Through Nov 2026
Assumption only · ends Jan 2054$487,555
New conventional · ends Dec 2056$436,635