Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,998/mo
+$361/mo- Down payment
- $0
- Funds due
- $12,365
- Interest + MI left
- $667,511
- First ends
- Oct 2054
New loan
New conventional
$3,638/mo
Lowest payment- Down payment
- $49,990
- Funds due
- $60,054
- Interest + MI left
- $682,319
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $500,724 | $449,910 |
| Second mortgage | — | — |
| First P&I | $3,330.81 | $3,115.09 |
| Second P&I | — | — |
| Mortgage insurance | $234.89 | $89.98 |
| Taxes, insurance & HOA | $432.75 | $432.75 |
| Total housing payment | $3,998.45 | $3,637.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,365
Usable credit−$0
Total buyer cash needed$12,365
Earnest money paid−$0
Remaining funds due$12,365
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,999.00
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)$510.25
Initial HOA (3 months)$288.00
Prepaid interest, first (1 days)$92.87
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 closing27 yr 11 moOf the original 30-year loan at 6.770%
Interest already paid$71,505Through Nov 2026
Assumption only · ends Oct 2054$667,511
New conventional · ends Dec 2056$682,319