Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,068/mo
+$630/mo- Down payment
- $0
- Funds due
- $10,497
- Interest + MI left
- $477,149
- First ends
- Jan 2054
New loan
New conventional
$2,438/mo
Lowest payment- Down payment
- $29,540
- Funds due
- $37,914
- Interest + MI left
- $403,195
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $329,260 | $265,860 |
| Second mortgage | — | — |
| First P&I | $2,368.60 | $1,840.76 |
| Second P&I | — | — |
| Mortgage insurance | $155.26 | $53.17 |
| Taxes, insurance & HOA | $544.08 | $544.08 |
| Total housing payment | $3,067.94 | $2,438.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,497
Usable credit−$0
Total buyer cash needed$10,497
Earnest money paid−$0
Remaining funds due$10,497
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,954.00
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)$1,032.25
Initial HOA (3 months)$150.00
Prepaid interest, first (2 days)$135.31
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 2 moOf the original 30-year loan at 7.500%
Interest already paid$71,041Through Nov 2026
Assumption only · ends Jan 2054$477,149
New conventional · ends Dec 2056$403,195