Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,827/mo
+$721/mo- Down payment
- $0
- Funds due
- $10,240
- Interest + MI left
- $477,918
- First ends
- Jun 2055
New loan
New conventional
$2,106/mo
Lowest payment- Down payment
- $27,590
- Funds due
- $35,611
- Interest + MI left
- $363,070
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $343,050 | $248,310 |
| Second mortgage | — | — |
| First P&I | $2,293.35 | $1,682.14 |
| Second P&I | — | — |
| Mortgage insurance | $159.76 | $49.66 |
| Taxes, insurance & HOA | $374.33 | $374.33 |
| Total housing payment | $2,827.45 | $2,106.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,240
Usable credit−$0
Total buyer cash needed$10,240
Earnest money paid−$0
Remaining funds due$10,240
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,759.00
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)$331.00
Initial HOA (3 months)$342.00
Prepaid interest, first (9 days)$582.81
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 6 moOf the original 30-year loan at 6.89%
Interest already paid$35,760Through Dec 2026
Assumption only · ends Jun 2055$477,918
New conventional · ends Jan 2057$363,070