Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,400/mo
+$246/mo- Down payment
- $0
- Funds due
- $9,613
- Interest + MI left
- $379,645
- First ends
- Apr 2054
New loan
New conventional
$2,154/mo
Lowest payment- Down payment
- $29,000
- Funds due
- $36,522
- Interest + MI left
- $395,824
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $297,262 | $261,000 |
| Second mortgage | — | — |
| First P&I | $1,964.62 | $1,807.11 |
| Second P&I | — | — |
| Mortgage insurance | $140.41 | $52.20 |
| Taxes, insurance & HOA | $294.58 | $294.58 |
| Total housing payment | $2,399.61 | $2,153.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,613
Usable credit−$0
Total buyer cash needed$9,613
Earnest money paid−$0
Remaining funds due$9,613
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,900.00
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)$250.75
Initial HOA (3 months)$183.00
Prepaid interest, first (1 days)$54.08
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 5 moOf the original 30-year loan at 6.640%
Interest already paid$51,817Through Nov 2026
Assumption only · ends Apr 2054$379,645
New conventional · ends Dec 2056$395,824