Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,287/mo
+$579/mo- Down payment
- $0
- Funds due
- $9,537
- Interest + MI left
- $347,805
- First ends
- Feb 2054
New loan
New conventional
$1,709/mo
Lowest payment- Down payment
- $20,500
- Funds due
- $27,913
- Interest + MI left
- $269,770
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $247,853 | $184,500 |
| Second mortgage | — | — |
| First P&I | $1,748.46 | $1,249.87 |
| Second P&I | — | — |
| Mortgage insurance | $117.01 | $36.90 |
| Taxes, insurance & HOA | $422.00 | $422.00 |
| Total housing payment | $2,287.47 | $1,708.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,537
Usable credit−$0
Total buyer cash needed$9,537
Earnest money paid−$0
Remaining funds due$9,537
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,050.00
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)$246.00
Initial HOA (3 months)$570.00
Prepaid interest, first (9 days)$445.53
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 2 moOf the original 30-year loan at 7.29%
Interest already paid$52,011Through Dec 2026
Assumption only · ends Feb 2054$347,805
New conventional · ends Jan 2057$269,770