Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,099/mo
+$325/mo- Down payment
- $0
- Funds due
- $9,683
- Interest + MI left
- $263,631
- First ends
- May 2054
New loan
New conventional
$1,774/mo
Lowest payment- Down payment
- $17,990
- Funds due
- $25,669
- Interest + MI left
- $233,983
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $201,664 | $161,910 |
| Second mortgage | — | — |
| First P&I | $1,351.07 | $1,089.18 |
| Second P&I | — | — |
| Mortgage insurance | $95.18 | $32.38 |
| Taxes, insurance & HOA | $652.92 | $652.92 |
| Total housing payment | $2,099.17 | $1,774.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,683
Usable credit−$0
Total buyer cash needed$9,683
Earnest money paid−$0
Remaining funds due$9,683
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,799.00
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)$458.75
Initial HOA (3 months)$1,050.00
Prepaid interest, first (4 days)$149.84
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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$35,880Through Dec 2026
Assumption only · ends May 2054$263,631
New conventional · ends Jan 2057$233,983