Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,425/mo
+$772/mo- Down payment
- $0
- Funds due
- $11,325
- Interest + MI left
- $457,878
- First ends
- Apr 2054
New loan
New conventional
$2,653/mo
Lowest payment- Down payment
- $27,500
- Funds due
- $36,720
- Interest + MI left
- $375,350
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $357,316 | $247,500 |
| Second mortgage | — | — |
| First P&I | $2,366.13 | $1,713.64 |
| Second P&I | — | — |
| Mortgage insurance | $168.76 | $49.50 |
| Taxes, insurance & HOA | $889.92 | $889.92 |
| Total housing payment | $3,424.81 | $2,653.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,325
Usable credit−$0
Total buyer cash needed$11,325
Earnest money paid−$0
Remaining funds due$11,325
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,750.00
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)$2,167.25
Initial HOA (3 months)$52.50
Prepaid interest, first (2 days)$130.40
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 6.660%
Interest already paid$62,469Through Nov 2026
Assumption only · ends Apr 2054$457,878
New conventional · ends Dec 2056$375,350