Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,300/mo
+$328/mo- Down payment
- $0
- Funds due
- $11,071
- Interest + MI left
- $513,294
- First ends
- Jan 2054
New loan
New conventional
$2,972/mo
Lowest payment- Down payment
- $40,000
- Funds due
- $48,870
- Interest + MI left
- $545,964
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $408,274 | $360,000 |
| Second mortgage | — | — |
| First P&I | $2,699.21 | $2,492.57 |
| Second P&I | — | — |
| Mortgage insurance | $193.51 | $72.00 |
| Taxes, insurance & HOA | $407.25 | $407.25 |
| Total housing payment | $3,299.97 | $2,971.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,071
Usable credit−$0
Total buyer cash needed$11,071
Earnest money paid−$0
Remaining funds due$11,071
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,000.00
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)$429.75
Initial HOA (3 months)$342.00
Prepaid interest, first (1 days)$73.94
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 6.610%
Interest already paid$77,846Through Nov 2026
Assumption only · ends Jan 2054$513,294
New conventional · ends Dec 2056$545,964