Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,556/mo
+$392/mo- Down payment
- $0
- Funds due
- $9,697
- Interest + MI left
- $422,735
- First ends
- Jan 2054
New loan
New conventional
$2,165/mo
Lowest payment- Down payment
- $28,500
- Funds due
- $36,104
- Interest + MI left
- $389,000
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $286,496 | $256,500 |
| Second mortgage | — | — |
| First P&I | $2,083.91 | $1,775.95 |
| Second P&I | — | — |
| Mortgage insurance | $135.01 | $51.30 |
| Taxes, insurance & HOA | $337.25 | $337.25 |
| Total housing payment | $2,556.17 | $2,164.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,697
Usable credit−$0
Total buyer cash needed$9,697
Earnest money paid−$0
Remaining funds due$9,697
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,850.00
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)$405.75
Initial HOA (3 months)$156.00
Prepaid interest, first (1 days)$59.81
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 2 moOf the original 30-year loan at 7.620%
Interest already paid$62,782Through Nov 2026
Assumption only · ends Jan 2054$422,735
New conventional · ends Dec 2056$389,000