Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,535/mo
+$430/mo- Down payment
- $0
- Funds due
- $10,111
- Interest + MI left
- $420,812
- First ends
- Jan 2054
New loan
New conventional
$2,105/mo
Lowest payment- Down payment
- $28,500
- Funds due
- $36,442
- Interest + MI left
- $375,045
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $286,231 | $256,500 |
| Second mortgage | — | — |
| First P&I | $2,083.91 | $1,737.62 |
| Second P&I | — | — |
| Mortgage insurance | $135.01 | $51.30 |
| Taxes, insurance & HOA | $316.00 | $316.00 |
| Total housing payment | $2,534.92 | $2,104.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,111
Usable credit−$0
Total buyer cash needed$10,111
Earnest money paid−$0
Remaining funds due$10,111
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,850.00
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)$342.00
Initial HOA (3 months)$156.00
Prepaid interest, first (9 days)$537.80
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$64,602Through Dec 2026
Assumption only · ends Jan 2054$420,812
New conventional · ends Jan 2057$375,045