Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,240/mo
+$306/mo- Down payment
- $0
- Funds due
- $11,093
- Interest + MI left
- $499,181
- First ends
- Mar 2054
New loan
New conventional
$2,934/mo
Lowest payment- Down payment
- $38,490
- Funds due
- $47,397
- Interest + MI left
- $525,354
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $390,280 | $346,410 |
| Second mortgage | — | — |
| First P&I | $2,589.71 | $2,398.47 |
| Second P&I | — | — |
| Mortgage insurance | $184.51 | $69.28 |
| Taxes, insurance & HOA | $465.83 | $465.83 |
| Total housing payment | $3,240.05 | $2,933.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,093
Usable credit−$0
Total buyer cash needed$11,093
Earnest money paid−$0
Remaining funds due$11,093
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,849.00
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)$667.50
Initial HOA (3 months)$279.99
Prepaid interest, first (1 days)$71.32
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 6.670%
Interest already paid$70,577Through Nov 2026
Assumption only · ends Mar 2054$499,181
New conventional · ends Dec 2056$525,354