Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,848/mo
+$601/mo- Down payment
- $0
- Funds due
- $12,367
- Interest + MI left
- $622,456
- First ends
- Nov 2054
New loan
New conventional
$3,246/mo
Lowest payment- Down payment
- $44,500
- Funds due
- $54,548
- Interest + MI left
- $585,597
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $488,677 | $400,500 |
| Second mortgage | — | — |
| First P&I | $3,165.16 | $2,713.13 |
| Second P&I | — | — |
| Mortgage insurance | $229.52 | $80.10 |
| Taxes, insurance & HOA | $453.00 | $453.00 |
| Total housing payment | $3,847.67 | $3,246.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,367
Usable credit−$0
Total buyer cash needed$12,367
Earnest money paid−$0
Remaining funds due$12,367
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,450.00
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)$534.00
Initial HOA (3 months)$375.00
Prepaid interest, first (9 days)$783.22
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 11 moOf the original 30-year loan at 6.5%
Interest already paid$67,044Through Dec 2026
Assumption only · ends Nov 2054$622,456
New conventional · ends Jan 2057$585,597