Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,735/mo
+$333/mo- Down payment
- $0
- Funds due
- $10,657
- Interest + MI left
- $424,638
- First ends
- Apr 2054
New loan
New conventional
$2,401/mo
Lowest payment- Down payment
- $32,490
- Funds due
- $40,993
- Interest + MI left
- $427,552
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $335,929 | $292,410 |
| Second mortgage | — | — |
| First P&I | $2,213.91 | $1,980.89 |
| Second P&I | — | — |
| Mortgage insurance | $158.88 | $58.48 |
| Taxes, insurance & HOA | $362.00 | $362.00 |
| Total housing payment | $2,734.79 | $2,401.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,657
Usable credit−$0
Total buyer cash needed$10,657
Earnest money paid−$0
Remaining funds due$10,657
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,249.00
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)$390.00
Initial HOA (3 months)$246.00
Prepaid interest, first (9 days)$546.69
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 4 moOf the original 30-year loan at 6.6%
Interest already paid$60,124Through Dec 2026
Assumption only · ends Apr 2054$424,638
New conventional · ends Jan 2057$427,552