Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,033/mo
+$623/mo- Down payment
- $0
- Funds due
- $10,124
- Interest + MI left
- $501,745
- First ends
- Jul 2054
New loan
New conventional
$2,411/mo
Lowest payment- Down payment
- $31,990
- Funds due
- $39,982
- Interest + MI left
- $436,635
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $366,952 | $287,910 |
| Second mortgage | — | — |
| First P&I | $2,501.15 | $1,993.43 |
| Second P&I | — | — |
| Mortgage insurance | $172.48 | $57.58 |
| Taxes, insurance & HOA | $359.83 | $359.83 |
| Total housing payment | $3,033.47 | $2,410.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,124
Usable credit−$0
Total buyer cash needed$10,124
Earnest money paid−$0
Remaining funds due$10,124
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,199.00
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)$281.50
Initial HOA (3 months)$348.00
Prepaid interest, first (1 days)$70.27
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$60,662Through Nov 2026
Assumption only · ends Jul 2054$501,745
New conventional · ends Dec 2056$436,635