Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,976/mo
+$317/mo- Down payment
- $0
- Funds due
- $10,564
- Interest + MI left
- $481,980
- First ends
- Apr 2054
New loan
New conventional
$2,659/mo
Lowest payment- Down payment
- $35,990
- Funds due
- $44,389
- Interest + MI left
- $491,231
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $362,687 | $323,910 |
| Second mortgage | — | — |
| First P&I | $2,453.45 | $2,242.69 |
| Second P&I | — | — |
| Mortgage insurance | $171.09 | $64.78 |
| Taxes, insurance & HOA | $351.08 | $351.08 |
| Total housing payment | $2,975.62 | $2,658.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,564
Usable credit−$0
Total buyer cash needed$10,564
Earnest money paid−$0
Remaining funds due$10,564
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,599.00
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)$306.25
Initial HOA (3 months)$297.00
Prepaid interest, first (2 days)$136.73
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 5 moOf the original 30-year loan at 6.880%
Interest already paid$65,461Through Nov 2026
Assumption only · ends Apr 2054$481,980
New conventional · ends Dec 2056$491,231