Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,062/mo
+$422/mo- Down payment
- $0
- Funds due
- $9,201
- Interest + MI left
- $316,474
- First ends
- Aug 2054
New loan
New conventional
$1,641/mo
Lowest payment- Down payment
- $21,500
- Funds due
- $28,626
- Interest + MI left
- $282,929
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $257,684 | $193,500 |
| Second mortgage | — | — |
| First P&I | $1,649.60 | $1,310.84 |
| Second P&I | — | — |
| Mortgage insurance | $121.51 | $38.70 |
| Taxes, insurance & HOA | $291.00 | $291.00 |
| Total housing payment | $2,062.11 | $1,640.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,201
Usable credit−$0
Total buyer cash needed$9,201
Earnest money paid−$0
Remaining funds due$9,201
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,150.00
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)$258.00
Initial HOA (3 months)$165.00
Prepaid interest, first (9 days)$403.47
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 6.35%
Interest already paid$38,763Through Dec 2026
Assumption only · ends Aug 2054$316,474
New conventional · ends Jan 2057$282,929