Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,904/mo
+$651/mo- Down payment
- $0
- Funds due
- $10,843
- Interest + MI left
- $381,527
- First ends
- Apr 2054
New loan
New conventional
$2,253/mo
Lowest payment- Down payment
- $23,490
- Funds due
- $32,207
- Interest + MI left
- $309,116
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $299,797 | $211,410 |
| Second mortgage | — | — |
| First P&I | $1,983.51 | $1,432.16 |
| Second P&I | — | — |
| Mortgage insurance | $141.76 | $42.28 |
| Taxes, insurance & HOA | $779.00 | $779.00 |
| Total housing payment | $2,904.27 | $2,253.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,843
Usable credit−$0
Total buyer cash needed$10,843
Earnest money paid−$0
Remaining funds due$10,843
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,349.00
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)$282.00
Initial HOA (3 months)$1,605.00
Prepaid interest, first (7 days)$381.77
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 4 moOf the original 30-year loan at 6.64%
Interest already paid$53,976Through Dec 2026
Assumption only · ends Apr 2054$381,527
New conventional · ends Jan 2057$309,116