Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,667/mo
+$394/mo- Down payment
- $0
- Funds due
- $11,984
- Interest + MI left
- $543,554
- First ends
- Feb 2054
New loan
New conventional
$3,274/mo
Lowest payment- Down payment
- $39,950
- Funds due
- $49,730
- Interest + MI left
- $545,282
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $402,094 | $359,550 |
| Second mortgage | — | — |
| First P&I | $2,765.01 | $2,489.45 |
| Second P&I | — | — |
| Mortgage insurance | $189.91 | $71.91 |
| Taxes, insurance & HOA | $712.25 | $712.25 |
| Total housing payment | $3,667.17 | $3,273.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,984
Usable credit−$0
Total buyer cash needed$11,984
Earnest money paid−$0
Remaining funds due$11,984
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,995.00
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)$1,470.75
Initial HOA (3 months)$216.00
Prepaid interest, first (1 days)$77.44
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 3 moOf the original 30-year loan at 7.030%
Interest already paid$78,993Through Nov 2026
Assumption only · ends Feb 2054$543,554
New conventional · ends Dec 2056$545,282