Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,801/mo
+$588/mo- Down payment
- $0
- Funds due
- $10,176
- Interest + MI left
- $406,975
- First ends
- May 2054
New loan
New conventional
$2,213/mo
Lowest payment- Down payment
- $25,490
- Funds due
- $33,589
- Interest + MI left
- $347,916
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $310,211 | $229,410 |
| Second mortgage | — | — |
| First P&I | $2,076.13 | $1,588.39 |
| Second P&I | — | — |
| Mortgage insurance | $146.26 | $45.88 |
| Taxes, insurance & HOA | $578.92 | $578.92 |
| Total housing payment | $2,801.31 | $2,213.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,176
Usable credit−$0
Total buyer cash needed$10,176
Earnest money paid−$0
Remaining funds due$10,176
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,549.00
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)$443.75
Initial HOA (3 months)$843.00
Prepaid interest, first (2 days)$115.25
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 6 moOf the original 30-year loan at 6.780%
Interest already paid$53,382Through Nov 2026
Assumption only · ends May 2054$406,975
New conventional · ends Dec 2056$347,916