Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$30,811/mo
+$356/mo- Down payment
- $0
- Funds due
- $94,924
- Interest + MI left
- $364,020
- First ends
- Jun 2054
New loan
New conventional
$30,455/mo
Lowest payment- Down payment
- $25,100
- Funds due
- $117,962
- Interest + MI left
- $342,593
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $272,426 | $225,900 |
| Second mortgage | — | — |
| First P&I | $1,837.33 | $1,564.09 |
| Second P&I | — | — |
| Mortgage insurance | $128.25 | $45.18 |
| Taxes, insurance & HOA | $28,845.42 | $28,845.42 |
| Total housing payment | $30,811.00 | $30,454.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$94,924
Usable credit−$0
Total buyer cash needed$94,924
Earnest money paid−$0
Remaining funds due$94,924
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,510.00
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)$85,795.25
Initial HOA (3 months)$291.00
Prepaid interest, first (2 days)$102.55
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 7 moOf the original 30-year loan at 6.870%
Interest already paid$45,882Through Nov 2026
Assumption only · ends Jun 2054$364,020
New conventional · ends Dec 2056$342,593