Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,547/mo
+$310/mo- Down payment
- $0
- Funds due
- $10,037
- Interest + MI left
- $381,930
- First ends
- May 2054
New loan
New conventional
$2,237/mo
Lowest payment- Down payment
- $27,700
- Funds due
- $35,653
- Interest + MI left
- $378,080
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $291,121 | $249,300 |
| Second mortgage | — | — |
| First P&I | $1,948.36 | $1,726.10 |
| Second P&I | — | — |
| Mortgage insurance | $137.26 | $49.86 |
| Taxes, insurance & HOA | $461.42 | $461.42 |
| Total housing payment | $2,547.04 | $2,237.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,037
Usable credit−$0
Total buyer cash needed$10,037
Earnest money paid−$0
Remaining funds due$10,037
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,770.00
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)$109.25
Initial HOA (3 months)$825.00
Prepaid interest, first (2 days)$108.15
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$50,096Through Nov 2026
Assumption only · ends May 2054$381,930
New conventional · ends Dec 2056$378,080