Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,769/mo
+$768/mo- Down payment
- $0
- Funds due
- $11,610
- Interest + MI left
- $557,431
- First ends
- May 2054
New loan
New conventional
$3,001/mo
Lowest payment- Down payment
- $36,000
- Funds due
- $45,424
- Interest + MI left
- $491,368
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $434,924 | $324,000 |
| Second mortgage | — | — |
| First P&I | $2,871.36 | $2,243.31 |
| Second P&I | — | — |
| Mortgage insurance | $205.21 | $64.80 |
| Taxes, insurance & HOA | $692.41 | $692.41 |
| Total housing payment | $3,768.99 | $3,000.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,610
Usable credit−$0
Total buyer cash needed$11,610
Earnest money paid−$0
Remaining funds due$11,610
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,600.00
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)$1,227.25
Initial HOA (3 months)$399.99
Prepaid interest, first (2 days)$158.24
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 6.640%
Interest already paid$73,326Through Nov 2026
Assumption only · ends May 2054$557,431
New conventional · ends Dec 2056$491,368