Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,422/mo
+$495/mo- Down payment
- $0
- Funds due
- $10,887
- Interest + MI left
- $583,347
- First ends
- Oct 2054
New loan
New conventional
$2,927/mo
Lowest payment- Down payment
- $40,600
- Funds due
- $49,274
- Interest + MI left
- $554,154
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $431,853 | $365,400 |
| Second mortgage | — | — |
| First P&I | $2,895.24 | $2,529.96 |
| Second P&I | — | — |
| Mortgage insurance | $202.51 | $73.08 |
| Taxes, insurance & HOA | $323.75 | $323.75 |
| Total housing payment | $3,421.51 | $2,926.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,887
Usable credit−$0
Total buyer cash needed$10,887
Earnest money paid−$0
Remaining funds due$10,887
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,060.00
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)$251.25
Initial HOA (3 months)$270.00
Prepaid interest, first (1 days)$81.05
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 closing27 yr 11 moOf the original 30-year loan at 6.850%
Interest already paid$62,388Through Nov 2026
Assumption only · ends Oct 2054$583,347
New conventional · ends Dec 2056$554,154