Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,063/mo
+$535/mo- Down payment
- $0
- Funds due
- $12,255
- Interest + MI left
- $674,859
- First ends
- Feb 2055
New loan
New conventional
$3,528/mo
Lowest payment- Down payment
- $47,600
- Funds due
- $57,573
- Interest + MI left
- $649,697
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $513,690 | $428,400 |
| Second mortgage | — | — |
| First P&I | $3,346.58 | $2,966.16 |
| Second P&I | — | — |
| Mortgage insurance | $240.17 | $85.68 |
| Taxes, insurance & HOA | $475.83 | $475.83 |
| Total housing payment | $4,062.59 | $3,527.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,255
Usable credit−$0
Total buyer cash needed$12,255
Earnest money paid−$0
Remaining funds due$12,255
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,760.00
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$627.50
Initial HOA (3 months)$300.00
Prepaid interest, first (1 days)$92.89
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 3 moOf the original 30-year loan at 6.600%
Interest already paid$59,966Through Nov 2026
Assumption only · ends Feb 2055$674,859
New conventional · ends Dec 2056$649,697