Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,931/mo
+$829/mo- Down payment
- $0
- Funds due
- $10,326
- Interest + MI left
- $435,448
- First ends
- Oct 2054
New loan
New conventional
$2,102/mo
Lowest payment- Down payment
- $23,989
- Funds due
- $32,166
- Interest + MI left
- $315,680
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $327,253 | $215,899 |
| Second mortgage | — | — |
| First P&I | $2,181.22 | $1,462.58 |
| Second P&I | — | — |
| Mortgage insurance | $153.66 | $43.18 |
| Taxes, insurance & HOA | $595.92 | $595.92 |
| Total housing payment | $2,930.80 | $2,101.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,326
Usable credit−$0
Total buyer cash needed$10,326
Earnest money paid−$0
Remaining funds due$10,326
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,398.88
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)$287.75
Initial HOA (3 months)$1,050.00
Prepaid interest, first (6 days)$364.73
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 10 moOf the original 30-year loan at 6.78%
Interest already paid$48,699Through Dec 2026
Assumption only · ends Oct 2054$435,448
New conventional · ends Jan 2057$315,680