Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,983/mo
+$599/mo- Down payment
- $0
- Funds due
- $10,355
- Interest + MI left
- $437,630
- First ends
- Sep 2054
New loan
New conventional
$2,383/mo
Lowest payment- Down payment
- $28,500
- Funds due
- $36,761
- Interest + MI left
- $389,000
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $353,850 | $256,500 |
| Second mortgage | — | — |
| First P&I | $2,260.25 | $1,775.95 |
| Second P&I | — | — |
| Mortgage insurance | $166.49 | $51.30 |
| Taxes, insurance & HOA | $556.17 | $556.17 |
| Total housing payment | $2,982.91 | $2,383.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,355
Usable credit−$0
Total buyer cash needed$10,355
Earnest money paid−$0
Remaining funds due$10,355
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,850.00
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)$1,218.50
Prepaid interest, first (1 days)$61.56
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 6.350%
Interest already paid$49,370Through Nov 2026
Assumption only · ends Sep 2054$437,630
New conventional · ends Dec 2056$389,000