Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,821/mo
+$749/mo- Down payment
- $0
- Funds due
- $11,158
- Interest + MI left
- $659,596
- First ends
- Dec 2054
New loan
New conventional
$3,072/mo
Lowest payment- Down payment
- $42,500
- Funds due
- $51,420
- Interest + MI left
- $580,085
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $485,694 | $382,499 |
| Second mortgage | — | — |
| First P&I | $3,246.61 | $2,648.35 |
| Second P&I | — | — |
| Mortgage insurance | $227.32 | $76.50 |
| Taxes, insurance & HOA | $347.33 | $347.33 |
| Total housing payment | $3,821.26 | $3,072.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,158
Usable credit−$0
Total buyer cash needed$11,158
Earnest money paid−$0
Remaining funds due$11,158
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,249.99
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)$406.00
Initial HOA (3 months)$186.00
Prepaid interest, first (1 days)$91.02
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 closing28 yr 1 moOf the original 30-year loan at 6.840%
Interest already paid$64,392Through Nov 2026
Assumption only · ends Dec 2054$659,596
New conventional · ends Dec 2056$580,085