Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,707/mo
+$778/mo- Down payment
- $0
- Funds due
- $11,533
- Interest + MI left
- $556,445
- First ends
- Mar 2054
New loan
New conventional
$2,929/mo
Lowest payment- Down payment
- $34,500
- Funds due
- $43,856
- Interest + MI left
- $470,894
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $403,681 | $310,500 |
| Second mortgage | — | — |
| First P&I | $2,799.61 | $2,149.84 |
| Second P&I | — | — |
| Mortgage insurance | $190.36 | $62.10 |
| Taxes, insurance & HOA | $716.67 | $716.67 |
| Total housing payment | $3,706.64 | $2,928.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,533
Usable credit−$0
Total buyer cash needed$11,533
Earnest money paid−$0
Remaining funds due$11,533
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,450.00
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)$1,100.00
Initial HOA (3 months)$600.00
Prepaid interest, first (2 days)$157.71
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 4 moOf the original 30-year loan at 7.130%
Interest already paid$77,931Through Nov 2026
Assumption only · ends Mar 2054$556,445
New conventional · ends Dec 2056$470,894