Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,619/mo
+$392/mo- Down payment
- $0
- Funds due
- $10,558
- Interest + MI left
- $380,179
- First ends
- May 2054
New loan
New conventional
$2,226/mo
Lowest payment- Down payment
- $26,980
- Funds due
- $35,412
- Interest + MI left
- $355,043
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $290,817 | $242,820 |
| Second mortgage | — | — |
| First P&I | $1,948.36 | $1,644.95 |
| Second P&I | — | — |
| Mortgage insurance | $137.26 | $48.56 |
| Taxes, insurance & HOA | $532.92 | $532.92 |
| Total housing payment | $2,618.54 | $2,226.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,558
Usable credit−$0
Total buyer cash needed$10,558
Earnest money paid−$0
Remaining funds due$10,558
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,698.00
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)$323.75
Initial HOA (3 months)$825.00
Prepaid interest, first (9 days)$486.18
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 5 moOf the original 30-year loan at 6.78%
Interest already paid$51,741Through Dec 2026
Assumption only · ends May 2054$380,179
New conventional · ends Jan 2057$355,043