Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,851/mo
+$770/mo- Down payment
- $0
- Funds due
- $10,175
- Interest + MI left
- $469,705
- First ends
- Dec 2054
New loan
New conventional
$2,081/mo
Lowest payment- Down payment
- $27,490
- Funds due
- $35,442
- Interest + MI left
- $361,754
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $350,527 | $247,410 |
| Second mortgage | — | — |
| First P&I | $2,331.65 | $1,676.04 |
| Second P&I | — | — |
| Mortgage insurance | $164.26 | $49.48 |
| Taxes, insurance & HOA | $355.00 | $355.00 |
| Total housing payment | $2,850.91 | $2,080.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,175
Usable credit−$0
Total buyer cash needed$10,175
Earnest money paid−$0
Remaining funds due$10,175
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,749.00
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)$330.00
Initial HOA (3 months)$285.00
Prepaid interest, first (9 days)$586.00
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 closing28 yrOf the original 30-year loan at 6.78%
Interest already paid$48,099Through Dec 2026
Assumption only · ends Dec 2054$469,705
New conventional · ends Jan 2057$361,754