Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,835/mo
+$661/mo- Down payment
- $0
- Funds due
- $9,733
- Interest + MI left
- $470,687
- First ends
- Feb 2054
New loan
New conventional
$2,174/mo
Lowest payment- Down payment
- $28,500
- Funds due
- $36,133
- Interest + MI left
- $389,000
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $326,591 | $256,500 |
| Second mortgage | — | — |
| First P&I | $2,334.15 | $1,775.95 |
| Second P&I | — | — |
| Mortgage insurance | $153.91 | $51.30 |
| Taxes, insurance & HOA | $347.08 | $347.08 |
| Total housing payment | $2,835.14 | $2,174.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,733
Usable credit−$0
Total buyer cash needed$9,733
Earnest money paid−$0
Remaining funds due$9,733
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,850.00
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)$366.25
Initial HOA (3 months)$225.00
Prepaid interest, first (1 days)$66.57
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$67,823Through Nov 2026
Assumption only · ends Feb 2054$470,687
New conventional · ends Dec 2056$389,000