Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,455/mo
+$577/mo- Down payment
- $0
- Funds due
- $11,912
- Interest + MI left
- $504,980
- First ends
- Feb 2055
New loan
New conventional
$2,878/mo
Lowest payment- Down payment
- $32,990
- Funds due
- $42,706
- Interest + MI left
- $434,132
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $370,553 | $296,910 |
| Second mortgage | — | — |
| First P&I | $2,474.53 | $2,011.37 |
| Second P&I | — | — |
| Mortgage insurance | $173.26 | $59.38 |
| Taxes, insurance & HOA | $807.00 | $807.00 |
| Total housing payment | $3,454.79 | $2,877.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,912
Usable credit−$0
Total buyer cash needed$11,912
Earnest money paid−$0
Remaining funds due$11,912
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,299.00
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)$396.00
Initial HOA (3 months)$1,575.00
Prepaid interest, first (6 days)$416.64
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 6.84%
Interest already paid$46,967Through Dec 2026
Assumption only · ends Feb 2055$504,980
New conventional · ends Jan 2057$434,132