Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,802/mo
+$404/mo- Down payment
- $0
- Funds due
- $10,317
- Interest + MI left
- $419,801
- First ends
- Apr 2054
New loan
New conventional
$2,398/mo
Lowest payment- Down payment
- $30,000
- Funds due
- $38,207
- Interest + MI left
- $409,473
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $328,704 | $270,000 |
| Second mortgage | — | — |
| First P&I | $2,172.42 | $1,869.43 |
| Second P&I | — | — |
| Mortgage insurance | $155.26 | $54.00 |
| Taxes, insurance & HOA | $474.17 | $474.17 |
| Total housing payment | $2,801.85 | $2,397.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,317
Usable credit−$0
Total buyer cash needed$10,317
Earnest money paid−$0
Remaining funds due$10,317
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,000.00
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)$972.50
Prepaid interest, first (2 days)$119.59
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 6.640%
Interest already paid$57,298Through Nov 2026
Assumption only · ends Apr 2054$419,801
New conventional · ends Dec 2056$409,473