Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,399/mo
+$500/mo- Down payment
- $0
- Funds due
- $11,669
- Interest + MI left
- $562,975
- First ends
- Jan 2055
New loan
New conventional
$2,900/mo
Lowest payment- Down payment
- $39,700
- Funds due
- $49,104
- Interest + MI left
- $522,432
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $422,873 | $357,300 |
| Second mortgage | — | — |
| First P&I | $2,793.53 | $2,420.47 |
| Second P&I | — | — |
| Mortgage insurance | $198.01 | $71.46 |
| Taxes, insurance & HOA | $407.83 | $407.83 |
| Total housing payment | $3,399.38 | $2,899.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,669
Usable credit−$0
Total buyer cash needed$11,669
Earnest money paid−$0
Remaining funds due$11,669
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,970.00
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)$476.50
Initial HOA (3 months)$297.00
Prepaid interest, first (9 days)$700.69
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 1 moOf the original 30-year loan at 6.72%
Interest already paid$55,094Through Dec 2026
Assumption only · ends Jan 2055$562,975
New conventional · ends Jan 2057$522,432