Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,734/mo
+$628/mo- Down payment
- $0
- Funds due
- $11,122
- Interest + MI left
- $652,465
- First ends
- Feb 2054
New loan
New conventional
$3,106/mo
Lowest payment- Down payment
- $44,000
- Funds due
- $52,870
- Interest + MI left
- $600,561
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $452,719 | $396,000 |
| Second mortgage | — | — |
| First P&I | $3,235.59 | $2,741.82 |
| Second P&I | — | — |
| Mortgage insurance | $213.34 | $79.20 |
| Taxes, insurance & HOA | $284.75 | $284.75 |
| Total housing payment | $3,733.68 | $3,105.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,122
Usable credit−$0
Total buyer cash needed$11,122
Earnest money paid−$0
Remaining funds due$11,122
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,400.00
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)$336.25
Initial HOA (3 months)$68.01
Prepaid interest, first (1 days)$92.28
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 3 moOf the original 30-year loan at 7.440%
Interest already paid$94,015Through Nov 2026
Assumption only · ends Feb 2054$652,465
New conventional · ends Dec 2056$600,561