Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,666/mo
+$346/mo- Down payment
- $0
- Funds due
- $10,615
- Interest + MI left
- $341,214
- First ends
- Apr 2054
New loan
New conventional
$2,320/mo
Lowest payment- Down payment
- $24,000
- Funds due
- $32,565
- Interest + MI left
- $327,579
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $264,941 | $216,000 |
| Second mortgage | — | — |
| First P&I | $1,759.57 | $1,495.54 |
| Second P&I | — | — |
| Mortgage insurance | $125.11 | $43.20 |
| Taxes, insurance & HOA | $780.83 | $780.83 |
| Total housing payment | $2,665.51 | $2,319.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,615
Usable credit−$0
Total buyer cash needed$10,615
Earnest money paid−$0
Remaining funds due$10,615
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,400.00
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)$1,088.50
Initial HOA (3 months)$804.00
Prepaid interest, first (2 days)$97.12
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 5 moOf the original 30-year loan at 6.690%
Interest already paid$46,524Through Nov 2026
Assumption only · ends Apr 2054$341,214
New conventional · ends Dec 2056$327,579