Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,760/mo
+$420/mo- Down payment
- $0
- Funds due
- $10,582
- Interest + MI left
- $468,466
- First ends
- Aug 2055
New loan
New conventional
$2,340/mo
Lowest payment- Down payment
- $31,500
- Funds due
- $39,901
- Interest + MI left
- $414,524
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $338,390 | $283,500 |
| Second mortgage | — | — |
| First P&I | $2,240.14 | $1,920.53 |
| Second P&I | — | — |
| Mortgage insurance | $157.33 | $56.70 |
| Taxes, insurance & HOA | $363.00 | $363.00 |
| Total housing payment | $2,760.47 | $2,340.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,582
Usable credit−$0
Total buyer cash needed$10,582
Earnest money paid−$0
Remaining funds due$10,582
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,150.00
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)$378.00
Initial HOA (3 months)$261.00
Prepaid interest, first (9 days)$568.22
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 6.81%
Interest already paid$30,964Through Dec 2026
Assumption only · ends Aug 2055$468,466
New conventional · ends Jan 2057$414,524