Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,856/mo
+$806/mo- Down payment
- $0
- Funds due
- $11,989
- Interest + MI left
- $656,657
- First ends
- Dec 2054
New loan
New conventional
$3,050/mo
Lowest payment- Down payment
- $42,500
- Funds due
- $52,123
- Interest + MI left
- $559,277
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $485,216 | $382,499 |
| Second mortgage | — | — |
| First P&I | $3,246.61 | $2,591.18 |
| Second P&I | — | — |
| Mortgage insurance | $227.32 | $76.50 |
| Taxes, insurance & HOA | $382.00 | $382.00 |
| Total housing payment | $3,855.93 | $3,049.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,989
Usable credit−$0
Total buyer cash needed$11,989
Earnest money paid−$0
Remaining funds due$11,989
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,249.99
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)$510.00
Initial HOA (3 months)$186.00
Prepaid interest, first (9 days)$818.35
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 closing28 yrOf the original 30-year loan at 6.84%
Interest already paid$67,161Through Dec 2026
Assumption only · ends Dec 2054$656,657
New conventional · ends Jan 2057$559,277