Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,837/mo
+$551/mo- Down payment
- $0
- Funds due
- $10,428
- Interest + MI left
- $485,337
- First ends
- Jan 2054
New loan
New conventional
$2,286/mo
Lowest payment- Down payment
- $31,990
- Funds due
- $40,188
- Interest + MI left
- $420,972
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $330,120 | $287,910 |
| Second mortgage | — | — |
| First P&I | $2,403.44 | $1,950.40 |
| Second P&I | — | — |
| Mortgage insurance | $155.71 | $57.58 |
| Taxes, insurance & HOA | $278.00 | $278.00 |
| Total housing payment | $2,837.15 | $2,285.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,428
Usable credit−$0
Total buyer cash needed$10,428
Earnest money paid−$0
Remaining funds due$10,428
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,199.00
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)$384.00
Prepaid interest, first (9 days)$620.26
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 1 moOf the original 30-year loan at 7.62%
Interest already paid$74,507Through Dec 2026
Assumption only · ends Jan 2054$485,337
New conventional · ends Jan 2057$420,972