Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,630/mo
+$342/mo- Down payment
- $0
- Funds due
- $9,808
- Interest + MI left
- $438,281
- First ends
- May 2054
New loan
New conventional
$2,288/mo
Lowest payment- Down payment
- $32,000
- Funds due
- $39,681
- Interest + MI left
- $436,771
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $334,073 | $288,000 |
| Second mortgage | — | — |
| First P&I | $2,235.83 | $1,994.05 |
| Second P&I | — | — |
| Mortgage insurance | $157.51 | $57.60 |
| Taxes, insurance & HOA | $236.25 | $236.25 |
| Total housing payment | $2,629.59 | $2,287.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,808
Usable credit−$0
Total buyer cash needed$9,808
Earnest money paid−$0
Remaining funds due$9,808
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,200.00
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)$258.75
Prepaid interest, first (2 days)$124.11
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 6 moOf the original 30-year loan at 6.780%
Interest already paid$57,488Through Nov 2026
Assumption only · ends May 2054$438,281
New conventional · ends Dec 2056$436,771