Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,778/mo
+$553/mo- Down payment
- $0
- Funds due
- $10,383
- Interest + MI left
- $469,985
- First ends
- May 2055
New loan
New conventional
$2,224/mo
Lowest payment- Down payment
- $29,900
- Funds due
- $38,085
- Interest + MI left
- $393,469
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $340,751 | $269,100 |
| Second mortgage | — | — |
| First P&I | $2,271.17 | $1,822.98 |
| Second P&I | — | — |
| Mortgage insurance | $158.86 | $53.82 |
| Taxes, insurance & HOA | $347.58 | $347.58 |
| Total housing payment | $2,777.61 | $2,224.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,383
Usable credit−$0
Total buyer cash needed$10,383
Earnest money paid−$0
Remaining funds due$10,383
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,990.00
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)$358.75
Initial HOA (3 months)$234.00
Prepaid interest, first (9 days)$575.54
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 5 moOf the original 30-year loan at 6.85%
Interest already paid$37,297Through Dec 2026
Assumption only · ends May 2055$469,985
New conventional · ends Jan 2057$393,469