Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,441/mo
+$420/mo- Down payment
- $0
- Funds due
- $10,915
- Interest + MI left
- $605,336
- First ends
- Jan 2055
New loan
New conventional
$3,021/mo
Lowest payment- Down payment
- $43,400
- Funds due
- $52,076
- Interest + MI left
- $592,371
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $453,120 | $390,600 |
| Second mortgage | — | — |
| First P&I | $2,990.35 | $2,704.44 |
| Second P&I | — | — |
| Mortgage insurance | $211.96 | $78.12 |
| Taxes, insurance & HOA | $238.75 | $238.75 |
| Total housing payment | $3,441.06 | $3,021.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,915
Usable credit−$0
Total buyer cash needed$10,915
Earnest money paid−$0
Remaining funds due$10,915
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,340.00
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)$266.25
Prepaid interest, first (1 days)$83.42
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$56,438Through Nov 2026
Assumption only · ends Jan 2055$605,336
New conventional · ends Dec 2056$592,371