Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,655/mo
+$544/mo- Down payment
- $0
- Funds due
- $10,214
- Interest + MI left
- $418,768
- First ends
- May 2054
New loan
New conventional
$2,111/mo
Lowest payment- Down payment
- $27,499
- Funds due
- $35,542
- Interest + MI left
- $361,873
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $312,063 | $247,491 |
| Second mortgage | — | — |
| First P&I | $2,123.21 | $1,676.59 |
| Second P&I | — | — |
| Mortgage insurance | $147.16 | $49.50 |
| Taxes, insurance & HOA | $385.00 | $385.00 |
| Total housing payment | $2,655.37 | $2,111.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,214
Usable credit−$0
Total buyer cash needed$10,214
Earnest money paid−$0
Remaining funds due$10,214
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)$330.00
Initial HOA (3 months)$375.00
Prepaid interest, first (9 days)$534.01
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 5 moOf the original 30-year loan at 6.94%
Interest already paid$56,806Through Dec 2026
Assumption only · ends May 2054$418,768
New conventional · ends Jan 2057$361,873