Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,537/mo
+$550/mo- Down payment
- $0
- Funds due
- $9,664
- Interest + MI left
- $373,636
- First ends
- Jun 2054
New loan
New conventional
$1,987/mo
Lowest payment- Down payment
- $23,000
- Funds due
- $30,623
- Interest + MI left
- $313,928
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $281,925 | $206,999 |
| Second mortgage | — | — |
| First P&I | $1,892.20 | $1,433.22 |
| Second P&I | — | — |
| Mortgage insurance | $132.76 | $41.40 |
| Taxes, insurance & HOA | $512.00 | $512.00 |
| Total housing payment | $2,536.96 | $1,986.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,664
Usable credit−$0
Total buyer cash needed$9,664
Earnest money paid−$0
Remaining funds due$9,664
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,299.99
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)$168.00
Initial HOA (3 months)$918.00
Prepaid interest, first (1 days)$52.68
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$47,142Through Nov 2026
Assumption only · ends Jun 2054$373,636
New conventional · ends Dec 2056$313,928