Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,355/mo
+$802/mo- Down payment
- $0
- Funds due
- $10,903
- Interest + MI left
- $547,344
- First ends
- Jul 2054
New loan
New conventional
$2,553/mo
Lowest payment- Down payment
- $33,900
- Funds due
- $42,563
- 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 | $401,725 | $305,100 |
| Second mortgage | — | — |
| First P&I | $2,740.89 | $2,066.85 |
| Second P&I | — | — |
| Mortgage insurance | $189.01 | $61.02 |
| Taxes, insurance & HOA | $425.58 | $425.58 |
| Total housing payment | $3,355.48 | $2,553.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,903
Usable credit−$0
Total buyer cash needed$10,903
Earnest money paid−$0
Remaining funds due$10,903
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)$420.00
Prepaid interest, first (6 days)$461.60
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 7 moOf the original 30-year loan at 6.99%
Interest already paid$68,819Through Dec 2026
Assumption only · ends Jul 2054$547,344
New conventional · ends Jan 2057$446,107