Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,715/mo
+$554/mo- Down payment
- $0
- Funds due
- $10,477
- Interest + MI left
- $408,572
- First ends
- Jul 2054
New loan
New conventional
$2,161/mo
Lowest payment- Down payment
- $26,012
- Funds due
- $34,327
- Interest + MI left
- $342,309
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $299,872 | $234,111 |
| Second mortgage | — | — |
| First P&I | $2,045.97 | $1,585.95 |
| Second P&I | — | — |
| Mortgage insurance | $141.09 | $46.82 |
| Taxes, insurance & HOA | $528.08 | $528.08 |
| Total housing payment | $2,715.14 | $2,160.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,477
Usable credit−$0
Total buyer cash needed$10,477
Earnest money paid−$0
Remaining funds due$10,477
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,601.23
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)$312.25
Initial HOA (3 months)$822.00
Prepaid interest, first (9 days)$516.85
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 7 moOf the original 30-year loan at 6.99%
Interest already paid$51,371Through Dec 2026
Assumption only · ends Jul 2054$408,572
New conventional · ends Jan 2057$342,309