Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,011/mo
+$576/mo- Down payment
- $0
- Funds due
- $10,847
- Interest + MI left
- $445,199
- First ends
- Nov 2054
New loan
New conventional
$2,435/mo
Lowest payment- Down payment
- $29,500
- Funds due
- $38,192
- Interest + MI left
- $388,205
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $349,517 | $265,500 |
| Second mortgage | — | — |
| First P&I | $2,263.81 | $1,798.59 |
| Second P&I | — | — |
| Mortgage insurance | $164.16 | $53.10 |
| Taxes, insurance & HOA | $583.00 | $583.00 |
| Total housing payment | $3,010.97 | $2,434.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,847
Usable credit−$0
Total buyer cash needed$10,847
Earnest money paid−$0
Remaining funds due$10,847
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,950.00
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)$354.00
Initial HOA (3 months)$945.00
Prepaid interest, first (6 days)$373.46
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 6.5%
Interest already paid$47,952Through Dec 2026
Assumption only · ends Nov 2054$445,199
New conventional · ends Jan 2057$388,205