Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,681/mo
+$507/mo- Down payment
- $0
- Funds due
- $9,815
- Interest + MI left
- $420,690
- First ends
- May 2054
New loan
New conventional
$2,173/mo
Lowest payment- Down payment
- $27,499
- Funds due
- $35,230
- Interest + MI left
- $375,337
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $312,380 | $247,491 |
| Second mortgage | — | — |
| First P&I | $2,123.21 | $1,713.58 |
| Second P&I | — | — |
| Mortgage insurance | $147.16 | $49.50 |
| Taxes, insurance & HOA | $410.33 | $410.33 |
| Total housing payment | $2,680.70 | $2,173.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,815
Usable credit−$0
Total buyer cash needed$9,815
Earnest money paid−$0
Remaining funds due$9,815
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,749.90
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)$406.00
Initial HOA (3 months)$375.00
Prepaid interest, first (1 days)$59.39
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 6 moOf the original 30-year loan at 6.940%
Interest already paid$54,999Through Nov 2026
Assumption only · ends May 2054$420,690
New conventional · ends Dec 2056$375,337