Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,086/mo
+$663/mo- Down payment
- $0
- Funds due
- $10,115
- Interest + MI left
- $529,575
- First ends
- Mar 2055
New loan
New conventional
$2,423/mo
Lowest payment- Down payment
- $32,490
- Funds due
- $40,467
- Interest + MI left
- $443,459
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $384,020 | $292,410 |
| Second mortgage | — | — |
| First P&I | $2,567.06 | $2,024.59 |
| Second P&I | — | — |
| Mortgage insurance | $179.19 | $58.48 |
| Taxes, insurance & HOA | $339.67 | $339.67 |
| Total housing payment | $3,085.93 | $2,422.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,115
Usable credit−$0
Total buyer cash needed$10,115
Earnest money paid−$0
Remaining funds due$10,115
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,249.00
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)$267.00
Initial HOA (3 months)$302.01
Prepaid interest, first (1 days)$72.28
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 4 moOf the original 30-year loan at 6.870%
Interest already paid$44,395Through Nov 2026
Assumption only · ends Mar 2055$529,575
New conventional · ends Dec 2056$443,459