Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,337/mo
+$532/mo- Down payment
- $0
- Funds due
- $11,130
- Interest + MI left
- $504,843
- First ends
- May 2054
New loan
New conventional
$2,805/mo
Lowest payment- Down payment
- $34,700
- Funds due
- $43,666
- Interest + MI left
- $473,624
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $384,809 | $312,300 |
| Second mortgage | — | — |
| First P&I | $2,575.39 | $2,162.30 |
| Second P&I | — | — |
| Mortgage insurance | $181.43 | $62.46 |
| Taxes, insurance & HOA | $580.58 | $580.58 |
| Total housing payment | $3,337.40 | $2,805.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,130
Usable credit−$0
Total buyer cash needed$11,130
Earnest money paid−$0
Remaining funds due$11,130
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,470.00
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)$856.75
Initial HOA (3 months)$435.00
Prepaid interest, first (2 days)$142.96
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 6 moOf the original 30-year loan at 6.780%
Interest already paid$66,219Through Nov 2026
Assumption only · ends May 2054$504,843
New conventional · ends Dec 2056$473,624