Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,040/mo
+$452/mo- Down payment
- $0
- Funds due
- $11,160
- Interest + MI left
- $476,437
- First ends
- Jan 2054
New loan
New conventional
$2,588/mo
Lowest payment- Down payment
- $33,900
- Funds due
- $42,848
- Interest + MI left
- $446,107
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $344,482 | $305,100 |
| Second mortgage | — | — |
| First P&I | $2,416.61 | $2,066.85 |
| Second P&I | — | — |
| Mortgage insurance | $162.85 | $61.02 |
| Taxes, insurance & HOA | $460.58 | $460.58 |
| Total housing payment | $3,040.04 | $2,588.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,160
Usable credit−$0
Total buyer cash needed$11,160
Earnest money paid−$0
Remaining funds due$11,160
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,390.00
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)$406.75
Initial HOA (3 months)$525.00
Prepaid interest, first (9 days)$613.27
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 1 moOf the original 30-year loan at 7.22%
Interest already paid$73,755Through Dec 2026
Assumption only · ends Jan 2054$476,437
New conventional · ends Jan 2057$446,107