Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,843/mo
+$566/mo- Down payment
- $0
- Funds due
- $10,988
- Interest + MI left
- $304,838
- First ends
- Oct 2054
New loan
New conventional
$2,277/mo
Lowest payment- Down payment
- $17,999
- Funds due
- $26,997
- Interest + MI left
- $245,670
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $257,257 | $161,991 |
| Second mortgage | — | — |
| First P&I | $1,598.89 | $1,121.59 |
| Second P&I | — | — |
| Mortgage insurance | $121.06 | $32.40 |
| Taxes, insurance & HOA | $1,123.25 | $1,123.25 |
| Total housing payment | $2,843.20 | $2,277.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,988
Usable credit−$0
Total buyer cash needed$10,988
Earnest money paid−$0
Remaining funds due$10,988
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,799.90
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)$1,065.75
Initial HOA (3 months)$1,854.00
Prepaid interest, first (1 days)$42.92
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 6.090%
Interest already paid$33,102Through Nov 2026
Assumption only · ends Oct 2054$304,838
New conventional · ends Dec 2056$245,670