Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,621/mo
+$481/mo- Down payment
- $0
- Funds due
- $11,265
- Interest + MI left
- $615,758
- First ends
- Oct 2054
New loan
New conventional
$3,141/mo
Lowest payment- Down payment
- $43,500
- Funds due
- $52,524
- Interest + MI left
- $593,736
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $455,847 | $391,500 |
| Second mortgage | — | — |
| First P&I | $3,056.10 | $2,710.67 |
| Second P&I | — | — |
| Mortgage insurance | $213.76 | $78.30 |
| Taxes, insurance & HOA | $351.58 | $351.58 |
| Total housing payment | $3,621.45 | $3,140.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,265
Usable credit−$0
Total buyer cash needed$11,265
Earnest money paid−$0
Remaining funds due$11,265
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,350.00
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)$246.00
Prepaid interest, first (1 days)$85.55
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$65,854Through Nov 2026
Assumption only · ends Oct 2054$615,758
New conventional · ends Dec 2056$593,736