Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,212/mo
+$520/mo- Down payment
- $0
- Funds due
- $10,692
- Interest + MI left
- $519,665
- First ends
- Sep 2054
New loan
New conventional
$2,692/mo
Lowest payment- Down payment
- $35,000
- Funds due
- $43,533
- Interest + MI left
- $477,719
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $383,547 | $315,000 |
| Second mortgage | — | — |
| First P&I | $2,583.99 | $2,181.00 |
| Second P&I | — | — |
| Mortgage insurance | $180.01 | $63.00 |
| Taxes, insurance & HOA | $448.08 | $448.08 |
| Total housing payment | $3,212.08 | $2,692.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,692
Usable credit−$0
Total buyer cash needed$10,692
Earnest money paid−$0
Remaining funds due$10,692
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
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)$636.25
Initial HOA (3 months)$258.00
Prepaid interest, first (1 days)$72.40
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 10 moOf the original 30-year loan at 6.890%
Interest already paid$57,987Through Nov 2026
Assumption only · ends Sep 2054$519,665
New conventional · ends Dec 2056$477,719