Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,568/mo
+$425/mo- Down payment
- $0
- Funds due
- $9,543
- Interest + MI left
- $433,698
- First ends
- Mar 2054
New loan
New conventional
$2,144/mo
Lowest payment- Down payment
- $29,500
- Funds due
- $36,940
- Interest + MI left
- $402,647
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $310,209 | $265,499 |
| Second mortgage | — | — |
| First P&I | $2,169.75 | $1,838.26 |
| Second P&I | — | — |
| Mortgage insurance | $146.21 | $53.10 |
| Taxes, insurance & HOA | $252.17 | $252.17 |
| Total housing payment | $2,568.13 | $2,143.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,543
Usable credit−$0
Total buyer cash needed$9,543
Earnest money paid−$0
Remaining funds due$9,543
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,949.99
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)$231.50
Initial HOA (3 months)$75.00
Prepaid interest, first (1 days)$61.36
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 4 moOf the original 30-year loan at 7.220%
Interest already paid$60,627Through Nov 2026
Assumption only · ends Mar 2054$433,698
New conventional · ends Dec 2056$402,647