Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,278/mo
+$916/mo- Down payment
- $0
- Funds due
- $10,937
- Interest + MI left
- $477,492
- First ends
- Feb 2054
New loan
New conventional
$2,362/mo
Lowest payment- Down payment
- $26,400
- Funds due
- $35,145
- Interest + MI left
- $347,410
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $344,001 | $237,600 |
| Second mortgage | — | — |
| First P&I | $2,410.84 | $1,609.59 |
| Second P&I | — | — |
| Mortgage insurance | $162.46 | $47.52 |
| Taxes, insurance & HOA | $704.58 | $704.58 |
| Total housing payment | $3,277.89 | $2,361.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,937
Usable credit−$0
Total buyer cash needed$10,937
Earnest money paid−$0
Remaining funds due$10,937
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,640.00
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)$316.75
Initial HOA (3 months)$1,347.00
Prepaid interest, first (6 days)$408.28
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 2 moOf the original 30-year loan at 7.22%
Interest already paid$71,509Through Dec 2026
Assumption only · ends Feb 2054$477,492
New conventional · ends Jan 2057$347,410