Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,590/mo
+$734/mo- Down payment
- $0
- Funds due
- $11,333
- Interest + MI left
- $540,617
- First ends
- Sep 2054
New loan
New conventional
$2,856/mo
Lowest payment- Down payment
- $33,400
- Funds due
- $42,584
- Interest + MI left
- $455,880
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $399,012 | $300,600 |
| Second mortgage | — | — |
| First P&I | $2,688.17 | $2,081.29 |
| Second P&I | — | — |
| Mortgage insurance | $187.27 | $60.12 |
| Taxes, insurance & HOA | $714.17 | $714.17 |
| Total housing payment | $3,589.60 | $2,855.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,333
Usable credit−$0
Total buyer cash needed$11,333
Earnest money paid−$0
Remaining funds due$11,333
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,340.00
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)$1,369.50
Initial HOA (3 months)$323.01
Prepaid interest, first (1 days)$75.32
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 10 moOf the original 30-year loan at 6.890%
Interest already paid$60,325Through Nov 2026
Assumption only · ends Sep 2054$540,617
New conventional · ends Dec 2056$455,880