Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,979/mo
+$497/mo- Down payment
- $0
- Funds due
- $10,242
- Interest + MI left
- $509,445
- First ends
- Aug 2055
New loan
New conventional
$2,482/mo
Lowest payment- Down payment
- $32,999
- Funds due
- $41,103
- Interest + MI left
- $450,407
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $372,271 | $296,991 |
| Second mortgage | — | — |
| First P&I | $2,440.09 | $2,056.31 |
| Second P&I | — | — |
| Mortgage insurance | $172.96 | $59.40 |
| Taxes, insurance & HOA | $366.33 | $366.33 |
| Total housing payment | $2,979.39 | $2,482.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,242
Usable credit−$0
Total buyer cash needed$10,242
Earnest money paid−$0
Remaining funds due$10,242
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,299.90
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)$376.00
Initial HOA (3 months)$273.00
Prepaid interest, first (1 days)$68.54
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 9 moOf the original 30-year loan at 6.720%
Interest already paid$31,502Through Nov 2026
Assumption only · ends Aug 2055$509,445
New conventional · ends Dec 2056$450,407