Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,466/mo
+$319/mo- Down payment
- $0
- Funds due
- $9,540
- Interest + MI left
- $392,487
- First ends
- Oct 2054
New loan
New conventional
$2,148/mo
Lowest payment- Down payment
- $29,600
- Funds due
- $37,043
- Interest + MI left
- $404,014
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $331,826 | $266,400 |
| Second mortgage | — | — |
| First P&I | $2,060.25 | $1,844.50 |
| Second P&I | — | — |
| Mortgage insurance | $156.16 | $53.28 |
| Taxes, insurance & HOA | $249.92 | $249.92 |
| Total housing payment | $2,466.32 | $2,147.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,540
Usable credit−$0
Total buyer cash needed$9,540
Earnest money paid−$0
Remaining funds due$9,540
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,960.00
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)$11.75
Initial HOA (3 months)$288.00
Prepaid interest, first (1 days)$55.27
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 11 moOf the original 30-year loan at 6.080%
Interest already paid$42,628Through Nov 2026
Assumption only · ends Oct 2054$392,487
New conventional · ends Dec 2056$404,014