Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,108/mo
+$735/mo- Down payment
- $0
- Funds due
- $10,783
- Interest + MI left
- $495,405
- First ends
- Aug 2054
New loan
New conventional
$2,373/mo
Lowest payment- Down payment
- $31,000
- Funds due
- $39,540
- 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 | $374,950 | $279,000 |
| Second mortgage | — | — |
| First P&I | $2,504.23 | $1,890.04 |
| Second P&I | — | — |
| Mortgage insurance | $176.42 | $55.80 |
| Taxes, insurance & HOA | $427.00 | $427.00 |
| Total housing payment | $3,107.64 | $2,372.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,783
Usable credit−$0
Total buyer cash needed$10,783
Earnest money paid−$0
Remaining funds due$10,783
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)$459.00
Prepaid interest, first (9 days)$626.83
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 8 moOf the original 30-year loan at 6.78%
Interest already paid$60,154Through Dec 2026
Assumption only · ends Aug 2054$495,405
New conventional · ends Jan 2057$407,944