Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,053/mo
+$388/mo- Down payment
- $0
- Funds due
- $8,716
- Interest + MI left
- $351,400
- First ends
- Apr 2055
New loan
New conventional
$1,665/mo
Lowest payment- Down payment
- $22,750
- Funds due
- $29,432
- Interest + MI left
- $310,517
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $264,298 | $204,750 |
| Second mortgage | — | — |
| First P&I | $1,723.55 | $1,417.65 |
| Second P&I | — | — |
| Mortgage insurance | $123.31 | $40.95 |
| Taxes, insurance & HOA | $206.00 | $206.00 |
| Total housing payment | $2,052.86 | $1,664.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$8,716
Usable credit−$0
Total buyer cash needed$8,716
Earnest money paid−$0
Remaining funds due$8,716
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,275.00
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)$33.00
Initial HOA (3 months)$135.00
Prepaid interest, first (1 days)$48.01
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 6.630%
Interest already paid$28,011Through Nov 2026
Assumption only · ends Apr 2055$351,400
New conventional · ends Dec 2056$310,517