Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,079/mo
+$638/mo- Down payment
- $0
- Funds due
- $10,171
- Interest + MI left
- $520,903
- First ends
- Feb 2054
New loan
New conventional
$2,441/mo
Lowest payment- Down payment
- $32,500
- Funds due
- $40,532
- Interest + MI left
- $443,596
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $351,747 | $292,500 |
| Second mortgage | — | — |
| First P&I | $2,556.19 | $2,025.21 |
| Second P&I | — | — |
| Mortgage insurance | $165.61 | $58.50 |
| Taxes, insurance & HOA | $357.50 | $357.50 |
| Total housing payment | $3,079.29 | $2,441.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,171
Usable credit−$0
Total buyer cash needed$10,171
Earnest money paid−$0
Remaining funds due$10,171
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,250.00
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)$421.50
Initial HOA (3 months)$201.00
Prepaid interest, first (1 days)$73.43
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 3 moOf the original 30-year loan at 7.620%
Interest already paid$74,777Through Nov 2026
Assumption only · ends Feb 2054$520,903
New conventional · ends Dec 2056$443,596