Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,688/mo
+$536/mo- Down payment
- $0
- Funds due
- $9,959
- Interest + MI left
- $439,488
- First ends
- May 2054
New loan
New conventional
$2,152/mo
Lowest payment- Down payment
- $29,990
- Funds due
- $37,793
- Interest + MI left
- $394,653
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $338,419 | $269,910 |
| Second mortgage | — | — |
| First P&I | $2,258.50 | $1,828.46 |
| Second P&I | — | — |
| Mortgage insurance | $159.76 | $53.98 |
| Taxes, insurance & HOA | $270.00 | $270.00 |
| Total housing payment | $2,688.26 | $2,152.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,959
Usable credit−$0
Total buyer cash needed$9,959
Earnest money paid−$0
Remaining funds due$9,959
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,999.00
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)$360.00
Prepaid interest, first (6 days)$374.95
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 5 moOf the original 30-year loan at 6.74%
Interest already paid$59,862Through Dec 2026
Assumption only · ends May 2054$439,488
New conventional · ends Jan 2057$394,653