Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,640/mo
+$276/mo- Down payment
- $0
- Funds due
- $10,346
- Interest + MI left
- $385,676
- First ends
- Jun 2054
New loan
New conventional
$2,365/mo
Lowest payment- Down payment
- $28,500
- Funds due
- $36,757
- Interest + MI left
- $389,000
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $294,883 | $256,500 |
| Second mortgage | — | — |
| First P&I | $1,963.84 | $1,775.95 |
| Second P&I | — | — |
| Mortgage insurance | $138.92 | $51.30 |
| Taxes, insurance & HOA | $537.50 | $537.50 |
| Total housing payment | $2,640.26 | $2,364.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,346
Usable credit−$0
Total buyer cash needed$10,346
Earnest money paid−$0
Remaining funds due$10,346
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,850.00
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)$712.50
Initial HOA (3 months)$450.00
Prepaid interest, first (2 days)$108.90
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 6.740%
Interest already paid$48,741Through Nov 2026
Assumption only · ends Jun 2054$385,676
New conventional · ends Dec 2056$389,000