Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,959/mo
+$423/mo- Down payment
- $0
- Funds due
- $10,423
- Interest + MI left
- $455,994
- First ends
- Jan 2054
New loan
New conventional
$2,537/mo
Lowest payment- Down payment
- $33,490
- Funds due
- $41,769
- Interest + MI left
- $457,109
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $362,697 | $301,410 |
| Second mortgage | — | — |
| First P&I | $2,397.90 | $2,086.90 |
| Second P&I | — | — |
| Mortgage insurance | $171.91 | $60.28 |
| Taxes, insurance & HOA | $389.33 | $389.33 |
| Total housing payment | $2,959.14 | $2,536.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,423
Usable credit−$0
Total buyer cash needed$10,423
Earnest money paid−$0
Remaining funds due$10,423
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,349.00
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)$472.00
Initial HOA (3 months)$246.00
Prepaid interest, first (2 days)$131.37
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 2 moOf the original 30-year loan at 6.610%
Interest already paid$69,156Through Nov 2026
Assumption only · ends Jan 2054$455,994
New conventional · ends Dec 2056$457,109