Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,754/mo
+$302/mo- Down payment
- $0
- Funds due
- $10,695
- Interest + MI left
- $462,980
- First ends
- Jul 2055
New loan
New conventional
$2,452/mo
Lowest payment- Down payment
- $34,000
- Funds due
- $42,530
- Interest + MI left
- $447,423
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $353,601 | $306,000 |
| Second mortgage | — | — |
| First P&I | $2,271.46 | $2,072.95 |
| Second P&I | — | — |
| Mortgage insurance | $164.71 | $61.20 |
| Taxes, insurance & HOA | $317.67 | $317.67 |
| Total housing payment | $2,753.84 | $2,451.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,695
Usable credit−$0
Total buyer cash needed$10,695
Earnest money paid−$0
Remaining funds due$10,695
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,400.00
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)$408.00
Initial HOA (3 months)$95.01
Prepaid interest, first (9 days)$566.73
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 7 moOf the original 30-year loan at 6.5%
Interest already paid$32,846Through Dec 2026
Assumption only · ends Jul 2055$462,980
New conventional · ends Jan 2057$447,423