Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,809/mo
+$717/mo- Down payment
- $0
- Funds due
- $9,394
- Interest + MI left
- $474,704
- First ends
- Mar 2054
New loan
New conventional
$2,092/mo
Lowest payment- Down payment
- $29,500
- Funds due
- $36,786
- Interest + MI left
- $402,649
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $362,026 | $265,500 |
| Second mortgage | — | — |
| First P&I | $2,437.38 | $1,838.27 |
| Second P&I | — | — |
| Mortgage insurance | $171.01 | $53.10 |
| Taxes, insurance & HOA | $200.58 | $200.58 |
| Total housing payment | $2,808.98 | $2,091.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,394
Usable credit−$0
Total buyer cash needed$9,394
Earnest money paid−$0
Remaining funds due$9,394
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,950.00
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)$151.75
Prepaid interest, first (1 days)$67.64
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 4 moOf the original 30-year loan at 6.820%
Interest already paid$66,910Through Nov 2026
Assumption only · ends Mar 2054$474,704
New conventional · ends Dec 2056$402,649