Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,675/mo
+$399/mo- Down payment
- $0
- Funds due
- $10,086
- Interest + MI left
- $410,433
- First ends
- Jul 2054
New loan
New conventional
$2,276/mo
Lowest payment- Down payment
- $27,885
- Funds due
- $35,885
- Interest + MI left
- $380,598
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $300,170 | $250,960 |
| Second mortgage | — | — |
| First P&I | $2,045.97 | $1,737.60 |
| Second P&I | — | — |
| Mortgage insurance | $141.09 | $50.19 |
| Taxes, insurance & HOA | $488.33 | $488.33 |
| Total housing payment | $2,675.39 | $2,276.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,086
Usable credit−$0
Total buyer cash needed$10,086
Earnest money paid−$0
Remaining funds due$10,086
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,788.45
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)$193.00
Initial HOA (3 months)$822.00
Prepaid interest, first (1 days)$57.48
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 8 moOf the original 30-year loan at 6.990%
Interest already paid$49,622Through Nov 2026
Assumption only · ends Jul 2054$410,433
New conventional · ends Dec 2056$380,598