Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,226/mo
+$571/mo- Down payment
- $0
- Funds due
- $11,208
- Interest + MI left
- $517,902
- First ends
- Dec 2053
New loan
New conventional
$2,654/mo
Lowest payment- Down payment
- $36,250
- Funds due
- $45,202
- Interest + MI left
- $477,031
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $384,814 | $326,250 |
| Second mortgage | — | — |
| First P&I | $2,664.39 | $2,210.13 |
| Second P&I | — | — |
| Mortgage insurance | $182.26 | $65.25 |
| Taxes, insurance & HOA | $379.00 | $379.00 |
| Total housing payment | $3,225.65 | $2,654.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,208
Usable credit−$0
Total buyer cash needed$11,208
Earnest money paid−$0
Remaining funds due$11,208
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,625.00
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)$435.00
Initial HOA (3 months)$252.00
Prepaid interest, first (9 days)$670.84
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 yrOf the original 30-year loan at 7.07%
Interest already paid$83,068Through Dec 2026
Assumption only · ends Dec 2053$517,902
New conventional · ends Jan 2057$477,031