Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,094/mo
+$716/mo- Down payment
- $0
- Funds due
- $10,836
- Interest + MI left
- $457,803
- First ends
- Feb 2054
New loan
New conventional
$2,378/mo
Lowest payment- Down payment
- $27,900
- Funds due
- $36,562
- Interest + MI left
- $367,150
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $329,817 | $251,100 |
| Second mortgage | — | — |
| First P&I | $2,311.43 | $1,701.04 |
| Second P&I | — | — |
| Mortgage insurance | $155.76 | $50.22 |
| Taxes, insurance & HOA | $626.58 | $626.58 |
| Total housing payment | $3,093.78 | $2,377.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,836
Usable credit−$0
Total buyer cash needed$10,836
Earnest money paid−$0
Remaining funds due$10,836
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,790.00
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)$334.75
Initial HOA (3 months)$1,095.00
Prepaid interest, first (6 days)$391.44
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$68,560Through Dec 2026
Assumption only · ends Feb 2054$457,803
New conventional · ends Jan 2057$367,150