Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,429/mo
+$446/mo- Down payment
- $0
- Funds due
- $11,134
- Interest + MI left
- $565,494
- First ends
- Jan 2055
New loan
New conventional
$2,982/mo
Lowest payment- Down payment
- $39,700
- Funds due
- $48,632
- Interest + MI left
- $541,869
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $423,296 | $357,300 |
| Second mortgage | — | — |
| First P&I | $2,793.53 | $2,473.87 |
| Second P&I | — | — |
| Mortgage insurance | $198.01 | $71.46 |
| Taxes, insurance & HOA | $437.08 | $437.08 |
| Total housing payment | $3,428.63 | $2,982.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,134
Usable credit−$0
Total buyer cash needed$11,134
Earnest money paid−$0
Remaining funds due$11,134
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,970.00
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)$564.25
Initial HOA (3 months)$297.00
Prepaid interest, first (1 days)$77.93
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 2 moOf the original 30-year loan at 6.720%
Interest already paid$52,724Through Nov 2026
Assumption only · ends Jan 2055$565,494
New conventional · ends Dec 2056$541,869