Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,473/mo
+$406/mo- Down payment
- $0
- Funds due
- $9,784
- Interest + MI left
- $405,507
- First ends
- Jun 2054
New loan
New conventional
$2,066/mo
Lowest payment- Down payment
- $28,700
- Funds due
- $36,357
- Interest + MI left
- $377,677
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $307,060 | $258,300 |
| Second mortgage | — | — |
| First P&I | $2,063.03 | $1,749.81 |
| Second P&I | — | — |
| Mortgage insurance | $144.74 | $51.66 |
| Taxes, insurance & HOA | $264.83 | $264.83 |
| Total housing payment | $2,472.61 | $2,066.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,784
Usable credit−$0
Total buyer cash needed$9,784
Earnest money paid−$0
Remaining funds due$9,784
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,870.00
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)$344.50
Prepaid interest, first (6 days)$344.24
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 6 moOf the original 30-year loan at 6.82%
Interest already paid$53,145Through Dec 2026
Assumption only · ends Jun 2054$405,507
New conventional · ends Jan 2057$377,677