Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,696/mo
+$373/mo- Down payment
- $0
- Funds due
- $10,380
- Interest + MI left
- $443,282
- First ends
- Mar 2055
New loan
New conventional
$2,323/mo
Lowest payment- Down payment
- $30,900
- Funds due
- $39,135
- Interest + MI left
- $406,628
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $323,621 | $278,100 |
| Second mortgage | — | — |
| First P&I | $2,161.14 | $1,883.95 |
| Second P&I | — | — |
| Mortgage insurance | $151.17 | $55.62 |
| Taxes, insurance & HOA | $383.58 | $383.58 |
| Total housing payment | $2,695.89 | $2,323.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,380
Usable credit−$0
Total buyer cash needed$10,380
Earnest money paid−$0
Remaining funds due$10,380
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,090.00
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)$370.75
Initial HOA (3 months)$330.00
Prepaid interest, first (6 days)$364.41
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 3 moOf the original 30-year loan at 6.85%
Interest already paid$39,190Through Dec 2026
Assumption only · ends Mar 2055$443,282
New conventional · ends Jan 2057$406,628