Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,267/mo
+$485/mo- Down payment
- $0
- Funds due
- $11,429
- Interest + MI left
- $545,673
- First ends
- Apr 2055
New loan
New conventional
$2,782/mo
Lowest payment- Down payment
- $38,100
- Funds due
- $47,282
- Interest + MI left
- $501,377
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $410,442 | $342,900 |
| Second mortgage | — | — |
| First P&I | $2,684.60 | $2,322.92 |
| Second P&I | — | — |
| Mortgage insurance | $191.67 | $68.58 |
| Taxes, insurance & HOA | $390.42 | $390.42 |
| Total housing payment | $3,266.69 | $2,781.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,429
Usable credit−$0
Total buyer cash needed$11,429
Earnest money paid−$0
Remaining funds due$11,429
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,810.00
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)$457.25
Initial HOA (3 months)$264.00
Prepaid interest, first (9 days)$673.01
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 yr 4 moOf the original 30-year loan at 6.65%
Interest already paid$45,949Through Dec 2026
Assumption only · ends Apr 2055$545,673
New conventional · ends Jan 2057$501,377