Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,578/mo
+$423/mo- Down payment
- $0
- Funds due
- $11,441
- Interest + MI left
- $570,543
- First ends
- Jan 2054
New loan
New conventional
$3,154/mo
Lowest payment- Down payment
- $42,000
- Funds due
- $51,216
- Interest + MI left
- $573,262
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $423,577 | $378,000 |
| Second mortgage | — | — |
| First P&I | $2,915.71 | $2,617.20 |
| Second P&I | — | — |
| Mortgage insurance | $200.26 | $75.60 |
| Taxes, insurance & HOA | $461.58 | $461.58 |
| Total housing payment | $3,577.55 | $3,154.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,441
Usable credit−$0
Total buyer cash needed$11,441
Earnest money paid−$0
Remaining funds due$11,441
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,200.00
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)$646.75
Initial HOA (3 months)$288.00
Prepaid interest, first (1 days)$81.58
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 7.030%
Interest already paid$85,782Through Nov 2026
Assumption only · ends Jan 2054$570,543
New conventional · ends Dec 2056$573,262