Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,661/mo
+$412/mo- Down payment
- $0
- Funds due
- $9,630
- Interest + MI left
- $453,645
- First ends
- Jun 2054
New loan
New conventional
$2,249/mo
Lowest payment- Down payment
- $32,000
- Funds due
- $39,505
- Interest + MI left
- $436,771
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $343,992 | $288,000 |
| Second mortgage | — | — |
| First P&I | $2,302.06 | $1,994.05 |
| Second P&I | — | — |
| Mortgage insurance | $162.01 | $57.60 |
| Taxes, insurance & HOA | $197.08 | $197.08 |
| Total housing payment | $2,661.16 | $2,248.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,630
Usable credit−$0
Total buyer cash needed$9,630
Earnest money paid−$0
Remaining funds due$9,630
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,200.00
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)$141.25
Prepaid interest, first (1 days)$63.99
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 6.790%
Interest already paid$57,273Through Nov 2026
Assumption only · ends Jun 2054$453,645
New conventional · ends Dec 2056$436,771