Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,624/mo
+$477/mo- Down payment
- $0
- Funds due
- $9,735
- Interest + MI left
- $403,982
- First ends
- Apr 2054
New loan
New conventional
$2,147/mo
Lowest payment- Down payment
- $27,500
- Funds due
- $35,152
- Interest + MI left
- $375,350
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $316,317 | $247,500 |
| Second mortgage | — | — |
| First P&I | $2,090.56 | $1,713.64 |
| Second P&I | — | — |
| Mortgage insurance | $149.41 | $49.50 |
| Taxes, insurance & HOA | $384.08 | $384.08 |
| Total housing payment | $2,624.05 | $2,147.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,735
Usable credit−$0
Total buyer cash needed$9,735
Earnest money paid−$0
Remaining funds due$9,735
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,750.00
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)$462.25
Initial HOA (3 months)$240.00
Prepaid interest, first (1 days)$57.54
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 5 moOf the original 30-year loan at 6.640%
Interest already paid$55,139Through Nov 2026
Assumption only · ends Apr 2054$403,982
New conventional · ends Dec 2056$375,350