Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,466/mo
+$452/mo- Down payment
- $0
- Funds due
- $11,703
- Interest + MI left
- $538,328
- First ends
- Apr 2054
New loan
New conventional
$3,014/mo
Lowest payment- Down payment
- $40,500
- Funds due
- $49,966
- Interest + MI left
- $532,958
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $421,592 | $364,499 |
| Second mortgage | — | — |
| First P&I | $2,794.76 | $2,469.24 |
| Second P&I | — | — |
| Mortgage insurance | $199.33 | $72.90 |
| Taxes, insurance & HOA | $472.00 | $472.00 |
| Total housing payment | $3,466.09 | $3,014.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,703
Usable credit−$0
Total buyer cash needed$11,703
Earnest money paid−$0
Remaining funds due$11,703
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,049.99
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)$486.00
Initial HOA (3 months)$480.00
Prepaid interest, first (6 days)$461.56
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 4 moOf the original 30-year loan at 6.66%
Interest already paid$76,128Through Dec 2026
Assumption only · ends Apr 2054$538,328
New conventional · ends Jan 2057$532,958