Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,615/mo
+$370/mo- Down payment
- $95
- Funds due
- $10,418
- Interest + MI left
- $431,719
- First ends
- Mar 2054
New loan
New conventional
$2,245/mo
Lowest payment- Down payment
- $31,000
- Funds due
- $39,156
- Interest + MI left
- $407,944
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $309,905 | $279,000 |
| Second mortgage | — | — |
| First P&I | $2,169.75 | $1,890.04 |
| Second P&I | — | — |
| Mortgage insurance | $146.21 | $55.80 |
| Taxes, insurance & HOA | $299.00 | $299.00 |
| Total housing payment | $2,614.97 | $2,244.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$95
Closing costs & prepaids$10,324
Usable credit−$0
Total buyer cash needed$10,418
Earnest money paid−$0
Remaining funds due$10,418
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,100.00
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)$372.00
Initial HOA (3 months)$75.00
Prepaid interest, first (9 days)$551.72
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 3 moOf the original 30-year loan at 7.22%
Interest already paid$62,493Through Dec 2026
Assumption only · ends Mar 2054$431,719
New conventional · ends Jan 2057$407,944