Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,752/mo
+$748/mo- Down payment
- $0
- Funds due
- $10,031
- Interest + MI left
- $457,283
- First ends
- Jan 2054
New loan
New conventional
$2,004/mo
Lowest payment- Down payment
- $26,490
- Funds due
- $34,294
- Interest + MI left
- $348,595
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $311,038 | $238,410 |
| Second mortgage | — | — |
| First P&I | $2,264.51 | $1,615.07 |
| Second P&I | — | — |
| Mortgage insurance | $146.71 | $47.68 |
| Taxes, insurance & HOA | $341.00 | $341.00 |
| Total housing payment | $2,752.22 | $2,003.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,031
Usable credit−$0
Total buyer cash needed$10,031
Earnest money paid−$0
Remaining funds due$10,031
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,649.00
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)$318.00
Initial HOA (3 months)$255.00
Prepaid interest, first (9 days)$584.41
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 1 moOf the original 30-year loan at 7.62%
Interest already paid$70,200Through Dec 2026
Assumption only · ends Jan 2054$457,283
New conventional · ends Jan 2057$348,595