Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,278/mo
+$375/mo- Down payment
- $0
- Funds due
- $11,656
- Interest + MI left
- $505,570
- First ends
- Nov 2054
New loan
New conventional
$2,903/mo
Lowest payment- Down payment
- $36,800
- Funds due
- $46,257
- Interest + MI left
- $484,269
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $374,275 | $331,200 |
| Second mortgage | — | — |
| First P&I | $2,509.22 | $2,243.66 |
| Second P&I | — | — |
| Mortgage insurance | $175.51 | $66.24 |
| Taxes, insurance & HOA | $593.17 | $593.17 |
| Total housing payment | $3,277.90 | $2,903.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,656
Usable credit−$0
Total buyer cash needed$11,656
Earnest money paid−$0
Remaining funds due$11,656
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,680.00
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)$441.50
Initial HOA (3 months)$888.00
Prepaid interest, first (6 days)$421.44
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 closing27 yr 11 moOf the original 30-year loan at 6.85%
Interest already paid$54,070Through Dec 2026
Assumption only · ends Nov 2054$505,570
New conventional · ends Jan 2057$484,269