Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,639/mo
Lowest payment- Down payment
- $0
- Funds due
- $11,089
- Interest + MI left
- $275,848
- First ends
- Mar 2054
New loan
New conventional
$2,649/mo
+$10/mo- Down payment
- $28,960
- Funds due
- $37,971
- Interest + MI left
- $395,278
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $311,548 | $260,640 |
| Second mortgage | — | — |
| First P&I | $1,697.90 | $1,804.62 |
| Second P&I | — | — |
| Mortgage insurance | $149.18 | $52.13 |
| Taxes, insurance & HOA | $792.33 | $792.33 |
| Total housing payment | $2,639.42 | $2,649.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,089
Usable credit−$0
Total buyer cash needed$11,089
Earnest money paid−$0
Remaining funds due$11,089
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,896.00
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)$1,890.75
Initial HOA (3 months)$36.24
Prepaid interest, first (1 days)$40.54
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 4 moOf the original 30-year loan at 4.750%
Interest already paid$40,392Through Nov 2026
Assumption only · ends Mar 2054$275,848
New conventional · ends Dec 2056$395,278