Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,717/mo
+$555/mo- Down payment
- $0
- Funds due
- $9,842
- Interest + MI left
- $421,862
- First ends
- Mar 2054
New loan
New conventional
$2,162/mo
Lowest payment- Down payment
- $27,500
- Funds due
- $35,247
- Interest + MI left
- $375,350
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $321,727 | $247,500 |
| Second mortgage | — | — |
| First P&I | $2,166.07 | $1,713.64 |
| Second P&I | — | — |
| Mortgage insurance | $151.97 | $49.50 |
| Taxes, insurance & HOA | $398.92 | $398.92 |
| Total housing payment | $2,716.96 | $2,162.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,842
Usable credit−$0
Total buyer cash needed$9,842
Earnest money paid−$0
Remaining funds due$9,842
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,750.00
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)$452.75
Initial HOA (3 months)$294.00
Prepaid interest, first (2 days)$120.23
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 4 moOf the original 30-year loan at 6.820%
Interest already paid$59,462Through Nov 2026
Assumption only · ends Mar 2054$421,862
New conventional · ends Dec 2056$375,350