Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,360/mo
+$649/mo- Down payment
- $0
- Funds due
- $12,447
- Interest + MI left
- $741,888
- First ends
- Dec 2053
New loan
New conventional
$3,711/mo
Lowest payment- Down payment
- $51,600
- Funds due
- $61,720
- Interest + MI left
- $704,294
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $518,508 | $464,400 |
| Second mortgage | — | — |
| First P&I | $3,712.84 | $3,215.41 |
| Second P&I | — | — |
| Mortgage insurance | $244.81 | $92.88 |
| Taxes, insurance & HOA | $402.25 | $402.25 |
| Total housing payment | $4,359.90 | $3,710.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,447
Usable credit−$0
Total buyer cash needed$12,447
Earnest money paid−$0
Remaining funds due$12,447
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,160.00
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$406.75
Initial HOA (3 months)$300.00
Prepaid interest, first (1 days)$105.69
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 1 moOf the original 30-year loan at 7.440%
Interest already paid$114,321Through Nov 2026
Assumption only · ends Dec 2053$741,888
New conventional · ends Dec 2056$704,294