Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,309/mo
+$650/mo- Down payment
- $0
- Funds due
- $13,092
- Interest + MI left
- $725,225
- First ends
- Feb 2055
New loan
New conventional
$3,659/mo
Lowest payment- Down payment
- $50,500
- Funds due
- $61,224
- Interest + MI left
- $664,554
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $537,468 | $454,500 |
| Second mortgage | — | — |
| First P&I | $3,568.06 | $3,078.94 |
| Second P&I | — | — |
| Mortgage insurance | $251.36 | $90.90 |
| Taxes, insurance & HOA | $489.34 | $489.34 |
| Total housing payment | $4,308.76 | $3,659.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$13,092
Usable credit−$0
Total buyer cash needed$13,092
Earnest money paid−$0
Remaining funds due$13,092
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,050.00
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)$606.00
Initial HOA (3 months)$362.01
Prepaid interest, first (6 days)$599.02
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 2 moOf the original 30-year loan at 6.78%
Interest already paid$67,534Through Dec 2026
Assumption only · ends Feb 2055$725,225
New conventional · ends Jan 2057$664,554