Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,142/mo
+$434/mo- Down payment
- $0
- Funds due
- $10,458
- Interest + MI left
- $548,098
- First ends
- Apr 2055
New loan
New conventional
$2,709/mo
Lowest payment- Down payment
- $38,100
- Funds due
- $46,372
- Interest + MI left
- $520,031
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $410,850 | $342,900 |
| Second mortgage | — | — |
| First P&I | $2,684.60 | $2,374.17 |
| Second P&I | — | — |
| Mortgage insurance | $191.67 | $68.58 |
| Taxes, insurance & HOA | $266.00 | $266.00 |
| Total housing payment | $3,142.27 | $2,708.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,458
Usable credit−$0
Total buyer cash needed$10,458
Earnest money paid−$0
Remaining funds due$10,458
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,810.00
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)$84.00
Initial HOA (3 months)$264.00
Prepaid interest, first (1 days)$74.85
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 5 moOf the original 30-year loan at 6.650%
Interest already paid$43,672Through Nov 2026
Assumption only · ends Apr 2055$548,098
New conventional · ends Dec 2056$520,031