Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,321/mo
+$335/mo- Down payment
- $0
- Funds due
- $9,612
- Interest + MI left
- $346,768
- First ends
- Oct 2054
New loan
New conventional
$1,986/mo
Lowest payment- Down payment
- $23,500
- Funds due
- $31,071
- Interest + MI left
- $320,754
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $256,713 | $211,500 |
| Second mortgage | — | — |
| First P&I | $1,721.06 | $1,464.38 |
| Second P&I | — | — |
| Mortgage insurance | $120.38 | $42.30 |
| Taxes, insurance & HOA | $479.50 | $479.50 |
| Total housing payment | $2,320.95 | $1,986.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,612
Usable credit−$0
Total buyer cash needed$9,612
Earnest money paid−$0
Remaining funds due$9,612
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,350.00
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)$196.50
Initial HOA (3 months)$792.00
Prepaid interest, first (1 days)$48.18
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 11 moOf the original 30-year loan at 6.850%
Interest already paid$37,086Through Nov 2026
Assumption only · ends Oct 2054$346,768
New conventional · ends Dec 2056$320,754