Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,858/mo
+$696/mo- Down payment
- $0
- Funds due
- $12,232
- Interest + MI left
- $622,384
- First ends
- Oct 2053
New loan
New conventional
$3,162/mo
Lowest payment- Down payment
- $43,500
- Funds due
- $53,379
- Interest + MI left
- $572,438
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $457,812 | $391,500 |
| Second mortgage | — | — |
| First P&I | $3,209.33 | $2,652.16 |
| Second P&I | — | — |
| Mortgage insurance | $217.13 | $78.30 |
| Taxes, insurance & HOA | $432.00 | $432.00 |
| Total housing payment | $3,858.47 | $3,162.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,232
Usable credit−$0
Total buyer cash needed$12,232
Earnest money paid−$0
Remaining funds due$12,232
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,350.00
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)$522.00
Initial HOA (3 months)$324.00
Prepaid interest, first (9 days)$810.52
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 closing26 yr 10 moOf the original 30-year loan at 7.18%
Interest already paid$106,019Through Dec 2026
Assumption only · ends Oct 2053$622,384
New conventional · ends Jan 2057$572,438