Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,311/mo
+$300/mo- Down payment
- $0
- Funds due
- $11,574
- Interest + MI left
- $491,258
- First ends
- Jul 2054
New loan
New conventional
$3,010/mo
Lowest payment- Down payment
- $36,500
- Funds due
- $45,904
- Interest + MI left
- $498,192
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $366,349 | $328,500 |
| Second mortgage | — | — |
| First P&I | $2,468.27 | $2,274.47 |
| Second P&I | — | — |
| Mortgage insurance | $172.30 | $65.70 |
| Taxes, insurance & HOA | $670.25 | $670.25 |
| Total housing payment | $3,310.81 | $3,010.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,574
Usable credit−$0
Total buyer cash needed$11,574
Earnest money paid−$0
Remaining funds due$11,574
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,650.00
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)$1,532.00
Initial HOA (3 months)$28.74
Prepaid interest, first (2 days)$137.91
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 8 moOf the original 30-year loan at 6.870%
Interest already paid$59,541Through Nov 2026
Assumption only · ends Jul 2054$491,258
New conventional · ends Dec 2056$498,192