Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,574/mo
+$944/mo- Down payment
- $0
- Funds due
- $13,098
- Interest + MI left
- $792,404
- First ends
- Apr 2055
New loan
New conventional
$3,630/mo
Lowest payment- Down payment
- $50,000
- Funds due
- $60,681
- Interest + MI left
- $657,974
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $566,235 | $450,000 |
| Second mortgage | — | — |
| First P&I | $3,818.68 | $3,048.46 |
| Second P&I | — | — |
| Mortgage insurance | $264.14 | $90.00 |
| Taxes, insurance & HOA | $491.67 | $491.67 |
| Total housing payment | $4,574.48 | $3,630.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$13,098
Usable credit−$0
Total buyer cash needed$13,098
Earnest money paid−$0
Remaining funds due$13,098
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,000.00
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)$600.00
Initial HOA (3 months)$375.00
Prepaid interest, first (6 days)$647.83
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 4 moOf the original 30-year loan at 6.96%
Interest already paid$66,308Through Dec 2026
Assumption only · ends Apr 2055$792,404
New conventional · ends Jan 2057$657,974