Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,933/mo
+$295/mo- Down payment
- $0
- Funds due
- $10,590
- Interest + MI left
- $468,501
- First ends
- Jun 2054
New loan
New conventional
$2,638/mo
Lowest payment- Down payment
- $35,000
- Funds due
- $43,435
- Interest + MI left
- $477,719
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $353,505 | $315,000 |
| Second mortgage | — | — |
| First P&I | $2,372.63 | $2,181.00 |
| Second P&I | — | — |
| Mortgage insurance | $166.47 | $63.00 |
| Taxes, insurance & HOA | $394.17 | $394.17 |
| Total housing payment | $2,933.26 | $2,638.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,590
Usable credit−$0
Total buyer cash needed$10,590
Earnest money paid−$0
Remaining funds due$10,590
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
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)$474.50
Initial HOA (3 months)$258.00
Prepaid interest, first (2 days)$132.10
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 7 moOf the original 30-year loan at 6.820%
Interest already paid$59,112Through Nov 2026
Assumption only · ends Jun 2054$468,501
New conventional · ends Dec 2056$477,719