Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,464/mo
+$499/mo- Down payment
- $0
- Funds due
- $11,734
- Interest + MI left
- $596,206
- First ends
- Jul 2055
New loan
New conventional
$2,965/mo
Lowest payment- Down payment
- $41,488
- Funds due
- $50,941
- Interest + MI left
- $545,954
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $444,606 | $373,387 |
| Second mortgage | — | — |
| First P&I | $2,896.56 | $2,529.45 |
| Second P&I | — | — |
| Mortgage insurance | $207.01 | $74.68 |
| Taxes, insurance & HOA | $360.92 | $360.92 |
| Total housing payment | $3,464.49 | $2,965.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,734
Usable credit−$0
Total buyer cash needed$11,734
Earnest money paid−$0
Remaining funds due$11,734
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,148.75
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)$497.75
Initial HOA (3 months)$135.00
Prepaid interest, first (9 days)$727.94
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 6.64%
Interest already paid$42,179Through Dec 2026
Assumption only · ends Jul 2055$596,206
New conventional · ends Jan 2057$545,954