Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,647/mo
+$219/mo- Down payment
- $0
- Funds due
- $9,983
- Interest + MI left
- $451,323
- First ends
- Feb 2055
New loan
New conventional
$2,429/mo
Lowest payment- Down payment
- $34,000
- Funds due
- $41,843
- Interest + MI left
- $464,070
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $343,539 | $306,000 |
| Second mortgage | — | — |
| First P&I | $2,238.08 | $2,118.68 |
| Second P&I | — | — |
| Mortgage insurance | $160.62 | $61.20 |
| Taxes, insurance & HOA | $248.75 | $248.75 |
| Total housing payment | $2,647.45 | $2,428.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,983
Usable credit−$0
Total buyer cash needed$9,983
Earnest money paid−$0
Remaining funds due$9,983
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,400.00
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)$104.25
Initial HOA (3 months)$192.00
Prepaid interest, first (1 days)$62.12
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$40,104Through Nov 2026
Assumption only · ends Feb 2055$451,323
New conventional · ends Dec 2056$464,070