Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,735/mo
+$454/mo- Down payment
- $0
- Funds due
- $9,775
- Interest + MI left
- $486,041
- First ends
- Sep 2055
New loan
New conventional
$2,281/mo
Lowest payment- Down payment
- $31,490
- Funds due
- $39,143
- Interest + MI left
- $429,810
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $351,015 | $283,410 |
| Second mortgage | — | — |
| First P&I | $2,310.12 | $1,962.27 |
| Second P&I | — | — |
| Mortgage insurance | $162.91 | $56.68 |
| Taxes, insurance & HOA | $262.08 | $262.08 |
| Total housing payment | $2,735.12 | $2,281.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,775
Usable credit−$0
Total buyer cash needed$9,775
Earnest money paid−$0
Remaining funds due$9,775
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,149.00
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)$45.25
Initial HOA (3 months)$291.00
Prepaid interest, first (1 days)$65.11
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 10 moOf the original 30-year loan at 6.770%
Interest already paid$27,914Through Nov 2026
Assumption only · ends Sep 2055$486,041
New conventional · ends Dec 2056$429,810