Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,039/mo
+$789/mo- Down payment
- $0
- Funds due
- $12,334
- Interest + MI left
- $643,975
- First ends
- Feb 2054
New loan
New conventional
$3,249/mo
Lowest payment- Down payment
- $45,750
- Funds due
- $55,742
- Interest + MI left
- $602,047
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $521,866 | $411,750 |
| Second mortgage | — | — |
| First P&I | $3,413.41 | $2,789.34 |
| Second P&I | — | — |
| Mortgage insurance | $247.52 | $82.35 |
| Taxes, insurance & HOA | $377.67 | $377.67 |
| Total housing payment | $4,038.59 | $3,249.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,334
Usable credit−$0
Total buyer cash needed$12,334
Earnest money paid−$0
Remaining funds due$12,334
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,575.00
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)$549.00
Initial HOA (3 months)$84.00
Prepaid interest, first (7 days)$650.55
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 2 moOf the original 30-year loan at 6.5%
Interest already paid$97,884Through Dec 2026
Assumption only · ends Feb 2054$643,975
New conventional · ends Jan 2057$602,047