Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,782/mo
+$256/mo- Down payment
- $0
- Funds due
- $10,274
- Interest + MI left
- $465,027
- First ends
- Jul 2055
New loan
New conventional
$2,525/mo
Lowest payment- Down payment
- $34,000
- Funds due
- $42,133
- Interest + MI left
- $464,070
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $353,955 | $306,000 |
| Second mortgage | — | — |
| First P&I | $2,271.46 | $2,118.68 |
| Second P&I | — | — |
| Mortgage insurance | $164.71 | $61.20 |
| Taxes, insurance & HOA | $345.34 | $345.34 |
| Total housing payment | $2,781.51 | $2,525.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,274
Usable credit−$0
Total buyer cash needed$10,274
Earnest money paid−$0
Remaining funds due$10,274
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,400.00
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)$491.00
Initial HOA (3 months)$95.01
Prepaid interest, first (1 days)$63.03
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 8 moOf the original 30-year loan at 6.500%
Interest already paid$30,929Through Nov 2026
Assumption only · ends Jul 2055$465,027
New conventional · ends Dec 2056$464,070