Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,336/mo
+$430/mo- Down payment
- $0
- Funds due
- $11,672
- Interest + MI left
- $549,476
- First ends
- Aug 2054
New loan
New conventional
$2,906/mo
Lowest payment- Down payment
- $39,800
- Funds due
- $49,216
- Interest + MI left
- $523,748
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $401,859 | $358,200 |
| Second mortgage | — | — |
| First P&I | $2,739.08 | $2,426.57 |
| Second P&I | — | — |
| Mortgage insurance | $188.89 | $71.64 |
| Taxes, insurance & HOA | $408.17 | $408.17 |
| Total housing payment | $3,336.14 | $2,906.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,672
Usable credit−$0
Total buyer cash needed$11,672
Earnest money paid−$0
Remaining funds due$11,672
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,980.00
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)$477.50
Initial HOA (3 months)$297.00
Prepaid interest, first (9 days)$692.63
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 6.99%
Interest already paid$66,433Through Dec 2026
Assumption only · ends Aug 2054$549,476
New conventional · ends Jan 2057$523,748