Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,938/mo
+$585/mo- Down payment
- $0
- Funds due
- $9,975
- Interest + MI left
- $507,868
- First ends
- Sep 2054
New loan
New conventional
$2,353/mo
Lowest payment- Down payment
- $32,500
- Funds due
- $40,327
- Interest + MI left
- $443,596
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $364,685 | $292,500 |
| Second mortgage | — | — |
| First P&I | $2,497.63 | $2,025.21 |
| Second P&I | — | — |
| Mortgage insurance | $171.03 | $58.50 |
| Taxes, insurance & HOA | $269.58 | $269.58 |
| Total housing payment | $2,938.24 | $2,353.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,975
Usable credit−$0
Total buyer cash needed$9,975
Earnest money paid−$0
Remaining funds due$9,975
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,250.00
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)$259.75
Initial HOA (3 months)$99.00
Prepaid interest, first (2 days)$141.08
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 10 moOf the original 30-year loan at 7.060%
Interest already paid$56,473Through Nov 2026
Assumption only · ends Sep 2054$507,868
New conventional · ends Dec 2056$443,596