Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,676/mo
+$566/mo- Down payment
- $0
- Funds due
- $10,282
- Interest + MI left
- $423,767
- First ends
- Jul 2055
New loan
New conventional
$2,109/mo
Lowest payment- Down payment
- $26,500
- Funds due
- $34,620
- Interest + MI left
- $348,726
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $323,652 | $238,500 |
| Second mortgage | — | — |
| First P&I | $2,079.07 | $1,615.68 |
| Second P&I | — | — |
| Mortgage insurance | $150.76 | $47.70 |
| Taxes, insurance & HOA | $446.00 | $446.00 |
| Total housing payment | $2,675.83 | $2,109.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,282
Usable credit−$0
Total buyer cash needed$10,282
Earnest money paid−$0
Remaining funds due$10,282
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,650.00
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)$318.00
Initial HOA (3 months)$570.00
Prepaid interest, first (9 days)$518.73
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$30,064Through Dec 2026
Assumption only · ends Jul 2055$423,767
New conventional · ends Jan 2057$348,726