Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,071/mo
+$303/mo- Down payment
- $0
- Funds due
- $9,008
- Interest + MI left
- $317,934
- First ends
- Aug 2054
New loan
New conventional
$1,768/mo
Lowest payment- Down payment
- $22,900
- Funds due
- $29,876
- Interest + MI left
- $312,565
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $257,968 | $206,100 |
| Second mortgage | — | — |
| First P&I | $1,649.60 | $1,426.99 |
| Second P&I | — | — |
| Mortgage insurance | $121.51 | $41.22 |
| Taxes, insurance & HOA | $299.42 | $299.42 |
| Total housing payment | $2,070.53 | $1,767.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,008
Usable credit−$0
Total buyer cash needed$9,008
Earnest money paid−$0
Remaining funds due$9,008
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,290.00
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)$283.25
Initial HOA (3 months)$165.00
Prepaid interest, first (1 days)$44.88
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 6.350%
Interest already paid$37,398Through Nov 2026
Assumption only · ends Aug 2054$317,934
New conventional · ends Dec 2056$312,565