Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,861/mo
Lowest payment- Down payment
- $0
- Funds due
- $11,395
- Interest + MI left
- $411,938
- First ends
- Sep 2055
New loan
New conventional
$2,972/mo
+$111/mo- Down payment
- $41,200
- Funds due
- $50,478
- Interest + MI left
- $542,171
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $417,417 | $370,800 |
| Second mortgage | — | — |
| First P&I | $2,280.64 | $2,511.93 |
| Second P&I | — | — |
| Mortgage insurance | $194.94 | $74.16 |
| Taxes, insurance & HOA | $385.83 | $385.83 |
| Total housing payment | $2,861.41 | $2,971.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,395
Usable credit−$0
Total buyer cash needed$11,395
Earnest money paid−$0
Remaining funds due$11,395
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,120.00
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)$494.50
Initial HOA (3 months)$213.00
Prepaid interest, first (6 days)$342.40
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 9 moOf the original 30-year loan at 4.99%
Interest already paid$26,302Through Dec 2026
Assumption only · ends Sep 2055$411,938
New conventional · ends Jan 2057$542,171