Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,814/mo
+$509/mo- Down payment
- $0
- Funds due
- $12,396
- Interest + MI left
- $633,231
- First ends
- Jan 2055
New loan
New conventional
$3,305/mo
Lowest payment- Down payment
- $45,500
- Funds due
- $55,599
- Interest + MI left
- $598,757
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $475,645 | $409,500 |
| Second mortgage | — | — |
| First P&I | $3,142.15 | $2,774.10 |
| Second P&I | — | — |
| Mortgage insurance | $222.72 | $81.90 |
| Taxes, insurance & HOA | $448.67 | $448.67 |
| Total housing payment | $3,813.54 | $3,304.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,396
Usable credit−$0
Total buyer cash needed$12,396
Earnest money paid−$0
Remaining funds due$12,396
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,550.00
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)$546.00
Initial HOA (3 months)$300.00
Prepaid interest, first (6 days)$525.42
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 1 moOf the original 30-year loan at 6.72%
Interest already paid$61,969Through Dec 2026
Assumption only · ends Jan 2055$633,231
New conventional · ends Jan 2057$598,757