Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,959/mo
+$555/mo- Down payment
- $0
- Funds due
- $10,833
- Interest + MI left
- $383,296
- First ends
- Apr 2054
New loan
New conventional
$2,404/mo
Lowest payment- Down payment
- $24,490
- Funds due
- $33,259
- Interest + MI left
- $334,267
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $300,120 | $220,410 |
| Second mortgage | — | — |
| First P&I | $1,983.51 | $1,526.07 |
| Second P&I | — | — |
| Mortgage insurance | $141.76 | $44.08 |
| Taxes, insurance & HOA | $833.42 | $833.42 |
| Total housing payment | $2,958.69 | $2,403.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,833
Usable credit−$0
Total buyer cash needed$10,833
Earnest money paid−$0
Remaining funds due$10,833
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,449.00
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)$445.25
Initial HOA (3 months)$1,605.00
Prepaid interest, first (2 days)$109.19
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 6.640%
Interest already paid$52,315Through Nov 2026
Assumption only · ends Apr 2054$383,296
New conventional · ends Dec 2056$334,267