Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,174/mo
+$1,474/mo- Down payment
- $0
- Funds due
- $9,325
- Interest + MI left
- $475,037
- First ends
- May 2054
New loan
New conventional
$1,700/mo
Lowest payment- Down payment
- $17,500
- Funds due
- $24,815
- Interest + MI left
- $238,859
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $362,689 | $157,500 |
| Second mortgage | — | — |
| First P&I | $2,424.99 | $1,090.50 |
| Second P&I | — | — |
| Mortgage insurance | $171.01 | $31.50 |
| Taxes, insurance & HOA | $577.67 | $577.67 |
| Total housing payment | $3,173.67 | $1,699.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,325
Usable credit−$0
Total buyer cash needed$9,325
Earnest money paid−$0
Remaining funds due$9,325
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,750.00
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)$1,283.00
Prepaid interest, first (1 days)$67.27
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 6 moOf the original 30-year loan at 6.770%
Interest already paid$62,322Through Nov 2026
Assumption only · ends May 2054$475,037
New conventional · ends Dec 2056$238,859