Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,898/mo
+$1,092/mo- Down payment
- $0
- Funds due
- $11,328
- Interest + MI left
- $667,991
- First ends
- Jan 2054
New loan
New conventional
$2,806/mo
Lowest payment- Down payment
- $38,900
- Funds due
- $47,883
- Interest + MI left
- $511,904
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $457,772 | $350,100 |
| Second mortgage | — | — |
| First P&I | $3,317.53 | $2,371.70 |
| Second P&I | — | — |
| Mortgage insurance | $215.98 | $70.02 |
| Taxes, insurance & HOA | $364.58 | $364.58 |
| Total housing payment | $3,898.10 | $2,806.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,328
Usable credit−$0
Total buyer cash needed$11,328
Earnest money paid−$0
Remaining funds due$11,328
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,890.00
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)$466.75
Initial HOA (3 months)$177.00
Prepaid interest, first (6 days)$569.64
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 1 moOf the original 30-year loan at 7.57%
Interest already paid$102,655Through Dec 2026
Assumption only · ends Jan 2054$667,991
New conventional · ends Jan 2057$511,904