Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,798/mo
+$401/mo- Down payment
- $0
- Funds due
- $10,682
- Interest + MI left
- $431,751
- First ends
- Mar 2054
New loan
New conventional
$2,398/mo
Lowest payment- Down payment
- $32,200
- Funds due
- $40,716
- Interest + MI left
- $423,736
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $342,194 | $289,800 |
| Second mortgage | — | — |
| First P&I | $2,259.86 | $1,963.21 |
| Second P&I | — | — |
| Mortgage insurance | $162.01 | $57.96 |
| Taxes, insurance & HOA | $376.50 | $376.50 |
| Total housing payment | $2,798.37 | $2,397.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,682
Usable credit−$0
Total buyer cash needed$10,682
Earnest money paid−$0
Remaining funds due$10,682
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,220.00
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)$386.50
Initial HOA (3 months)$293.01
Prepaid interest, first (9 days)$557.73
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 3 moOf the original 30-year loan at 6.61%
Interest already paid$63,290Through Dec 2026
Assumption only · ends Mar 2054$431,751
New conventional · ends Jan 2057$423,736