Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,570/mo
+$534/mo- Down payment
- $0
- Funds due
- $12,003
- Interest + MI left
- $566,323
- First ends
- Nov 2054
New loan
New conventional
$3,037/mo
Lowest payment- Down payment
- $40,700
- Funds due
- $50,432
- Interest + MI left
- $535,591
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $444,608 | $366,300 |
| Second mortgage | — | — |
| First P&I | $2,879.72 | $2,481.44 |
| Second P&I | — | — |
| Mortgage insurance | $208.82 | $73.26 |
| Taxes, insurance & HOA | $481.83 | $481.83 |
| Total housing payment | $3,570.37 | $3,036.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,003
Usable credit−$0
Total buyer cash needed$12,003
Earnest money paid−$0
Remaining funds due$12,003
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,070.00
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)$488.50
Initial HOA (3 months)$507.00
Prepaid interest, first (9 days)$712.59
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$60,998Through Dec 2026
Assumption only · ends Nov 2054$566,323
New conventional · ends Jan 2057$535,591