Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,072/mo
+$460/mo- Down payment
- $0
- Funds due
- $11,094
- Interest + MI left
- $404,997
- First ends
- Mar 2054
New loan
New conventional
$2,612/mo
Lowest payment- Down payment
- $27,870
- Funds due
- $36,878
- Interest + MI left
- $380,401
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $315,586 | $250,830 |
| Second mortgage | — | — |
| First P&I | $2,098.15 | $1,736.70 |
| Second P&I | — | — |
| Mortgage insurance | $149.18 | $50.17 |
| Taxes, insurance & HOA | $824.75 | $824.75 |
| Total housing payment | $3,072.08 | $2,611.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,094
Usable credit−$0
Total buyer cash needed$11,094
Earnest money paid−$0
Remaining funds due$11,094
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,787.00
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)$1,987.25
Initial HOA (3 months)$36.99
Prepaid interest, first (1 days)$57.84
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 4 moOf the original 30-year loan at 6.690%
Interest already paid$57,238Through Nov 2026
Assumption only · ends Mar 2054$404,997
New conventional · ends Dec 2056$380,401