Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,470/mo
+$656/mo- Down payment
- $0
- Funds due
- $11,518
- Interest + MI left
- $607,065
- First ends
- Aug 2055
New loan
New conventional
$2,814/mo
Lowest payment- Down payment
- $38,900
- Funds due
- $48,113
- Interest + MI left
- $511,904
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $435,618 | $350,100 |
| Second mortgage | — | — |
| First P&I | $2,895.26 | $2,371.70 |
| Second P&I | — | — |
| Mortgage insurance | $202.51 | $70.02 |
| Taxes, insurance & HOA | $372.25 | $372.25 |
| Total housing payment | $3,470.02 | $2,813.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,518
Usable credit−$0
Total buyer cash needed$11,518
Earnest money paid−$0
Remaining funds due$11,518
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,890.00
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)$466.75
Initial HOA (3 months)$200.01
Prepaid interest, first (9 days)$735.78
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 8 moOf the original 30-year loan at 6.85%
Interest already paid$40,093Through Dec 2026
Assumption only · ends Aug 2055$607,065
New conventional · ends Jan 2057$511,904