Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,663/mo
+$435/mo- Down payment
- $0
- Funds due
- $12,412
- Interest + MI left
- $485,397
- First ends
- Jun 2054
New loan
New conventional
$3,228/mo
Lowest payment- Down payment
- $34,500
- Funds due
- $44,755
- Interest + MI left
- $470,894
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $371,129 | $310,500 |
| Second mortgage | — | — |
| First P&I | $2,471.62 | $2,149.84 |
| Second P&I | — | — |
| Mortgage insurance | $174.84 | $62.10 |
| Taxes, insurance & HOA | $1,016.50 | $1,016.50 |
| Total housing payment | $3,662.96 | $3,228.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,412
Usable credit−$0
Total buyer cash needed$12,412
Earnest money paid−$0
Remaining funds due$12,412
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,450.00
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)$1,702.50
Initial HOA (3 months)$897.00
Prepaid interest, first (2 days)$137.06
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 7 moOf the original 30-year loan at 6.740%
Interest already paid$61,344Through Nov 2026
Assumption only · ends Jun 2054$485,397
New conventional · ends Dec 2056$470,894