Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,243/mo
+$550/mo- Down payment
- $0
- Funds due
- $11,223
- Interest + MI left
- $459,909
- First ends
- Feb 2054
New loan
New conventional
$2,693/mo
Lowest payment- Down payment
- $29,900
- Funds due
- $39,003
- Interest + MI left
- $408,108
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $330,142 | $269,100 |
| Second mortgage | — | — |
| First P&I | $2,311.43 | $1,863.19 |
| Second P&I | — | — |
| Mortgage insurance | $155.76 | $53.82 |
| Taxes, insurance & HOA | $775.83 | $775.83 |
| Total housing payment | $3,243.03 | $2,692.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,223
Usable credit−$0
Total buyer cash needed$11,223
Earnest money paid−$0
Remaining funds due$11,223
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,990.00
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)$782.50
Initial HOA (3 months)$1,095.00
Prepaid interest, first (2 days)$130.61
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 3 moOf the original 30-year loan at 7.220%
Interest already paid$66,574Through Nov 2026
Assumption only · ends Feb 2054$459,909
New conventional · ends Dec 2056$408,108