Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,435/mo
+$479/mo- Down payment
- $0
- Funds due
- $10,964
- Interest + MI left
- $568,902
- First ends
- Nov 2054
New loan
New conventional
$2,956/mo
Lowest payment- Down payment
- $40,700
- Funds due
- $49,452
- Interest + MI left
- $555,519
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $445,077 | $366,300 |
| Second mortgage | — | — |
| First P&I | $2,879.72 | $2,536.19 |
| Second P&I | — | — |
| Mortgage insurance | $208.82 | $73.26 |
| Taxes, insurance & HOA | $346.67 | $346.67 |
| Total housing payment | $3,435.21 | $2,956.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,964
Usable credit−$0
Total buyer cash needed$10,964
Earnest money paid−$0
Remaining funds due$10,964
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,070.00
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)$83.00
Initial HOA (3 months)$507.00
Prepaid interest, first (1 days)$79.26
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 yrOf the original 30-year loan at 6.500%
Interest already paid$58,587Through Nov 2026
Assumption only · ends Nov 2054$568,902
New conventional · ends Dec 2056$555,519