Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,816/mo
+$713/mo- Down payment
- $0
- Funds due
- $9,704
- Interest + MI left
- $459,372
- First ends
- Jan 2054
New loan
New conventional
$2,104/mo
Lowest payment- Down payment
- $26,490
- Funds due
- $34,113
- Interest + MI left
- $361,565
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $311,325 | $238,410 |
| Second mortgage | — | — |
| First P&I | $2,264.51 | $1,650.70 |
| Second P&I | — | — |
| Mortgage insurance | $146.71 | $47.68 |
| Taxes, insurance & HOA | $405.17 | $405.17 |
| Total housing payment | $2,816.39 | $2,103.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,704
Usable credit−$0
Total buyer cash needed$9,704
Earnest money paid−$0
Remaining funds due$9,704
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,649.00
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)$510.50
Initial HOA (3 months)$255.00
Prepaid interest, first (1 days)$64.99
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 2 moOf the original 30-year loan at 7.620%
Interest already paid$68,224Through Nov 2026
Assumption only · ends Jan 2054$459,372
New conventional · ends Dec 2056$361,565