Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,259/mo
+$515/mo- Down payment
- $0
- Funds due
- $10,574
- Interest + MI left
- $544,622
- First ends
- Jun 2054
New loan
New conventional
$2,744/mo
Lowest payment- Down payment
- $38,000
- Funds due
- $46,387
- Interest + MI left
- $518,666
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $410,941 | $342,000 |
| Second mortgage | — | — |
| First P&I | $2,758.13 | $2,367.94 |
| Second P&I | — | — |
| Mortgage insurance | $193.51 | $68.40 |
| Taxes, insurance & HOA | $307.50 | $307.50 |
| Total housing payment | $3,259.14 | $2,743.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,574
Usable credit−$0
Total buyer cash needed$10,574
Earnest money paid−$0
Remaining funds due$10,574
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,800.00
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)$382.50
Initial HOA (3 months)$90.00
Prepaid interest, first (1 days)$76.78
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 7 moOf the original 30-year loan at 6.820%
Interest already paid$68,716Through Nov 2026
Assumption only · ends Jun 2054$544,622
New conventional · ends Dec 2056$518,666