Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,116/mo
+$632/mo- Down payment
- $0
- Funds due
- $10,117
- Interest + MI left
- $538,798
- First ends
- Aug 2054
New loan
New conventional
$2,484/mo
Lowest payment- Down payment
- $34,500
- Funds due
- $42,460
- Interest + MI left
- $470,894
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $388,268 | $310,500 |
| Second mortgage | — | — |
| First P&I | $2,661.71 | $2,149.84 |
| Second P&I | — | — |
| Mortgage insurance | $182.26 | $62.10 |
| Taxes, insurance & HOA | $272.25 | $272.25 |
| Total housing payment | $3,116.22 | $2,484.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,117
Usable credit−$0
Total buyer cash needed$10,117
Earnest money paid−$0
Remaining funds due$10,117
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,450.00
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)$366.75
Prepaid interest, first (1 days)$75.10
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 9 moOf the original 30-year loan at 7.060%
Interest already paid$62,470Through Nov 2026
Assumption only · ends Aug 2054$538,798
New conventional · ends Dec 2056$470,894