Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,581/mo
+$358/mo- Down payment
- $0
- Funds due
- $10,325
- Interest + MI left
- $390,683
- First ends
- Oct 2054
New loan
New conventional
$2,222/mo
Lowest payment- Down payment
- $29,600
- Funds due
- $37,804
- Interest + MI left
- $389,521
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $331,447 | $266,400 |
| Second mortgage | — | — |
| First P&I | $2,060.25 | $1,804.69 |
| Second P&I | — | — |
| Mortgage insurance | $156.16 | $53.28 |
| Taxes, insurance & HOA | $364.42 | $364.42 |
| Total housing payment | $2,580.82 | $2,222.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,325
Usable credit−$0
Total buyer cash needed$10,325
Earnest money paid−$0
Remaining funds due$10,325
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,960.00
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)$355.25
Initial HOA (3 months)$288.00
Prepaid interest, first (9 days)$496.90
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 10 moOf the original 30-year loan at 6.08%
Interest already paid$44,309Through Dec 2026
Assumption only · ends Oct 2054$390,683
New conventional · ends Jan 2057$389,521