Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,308/mo
+$841/mo- Down payment
- $0
- Funds due
- $10,723
- Interest + MI left
- $537,154
- First ends
- Aug 2054
New loan
New conventional
$2,467/mo
Lowest payment- Down payment
- $32,900
- Funds due
- $41,390
- Interest + MI left
- $432,947
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $406,547 | $296,100 |
| Second mortgage | — | — |
| First P&I | $2,715.26 | $2,005.88 |
| Second P&I | — | — |
| Mortgage insurance | $191.29 | $59.22 |
| Taxes, insurance & HOA | $401.58 | $401.58 |
| Total housing payment | $3,308.13 | $2,466.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,723
Usable credit−$0
Total buyer cash needed$10,723
Earnest money paid−$0
Remaining funds due$10,723
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,290.00
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)$394.75
Initial HOA (3 months)$360.00
Prepaid interest, first (6 days)$453.11
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 8 moOf the original 30-year loan at 6.78%
Interest already paid$65,223Through Dec 2026
Assumption only · ends Aug 2054$537,154
New conventional · ends Jan 2057$432,947