Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,693/mo
+$39/mo- Down payment
- $0
- Funds due
- $10,761
- Interest + MI left
- $407,700
- First ends
- Nov 2055
New loan
New conventional
$2,654/mo
Lowest payment- Down payment
- $37,500
- Funds due
- $46,148
- Interest + MI left
- $493,481
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $399,268 | $337,500 |
| Second mortgage | — | — |
| First P&I | $2,207.33 | $2,286.34 |
| Second P&I | — | — |
| Mortgage insurance | $185.91 | $67.50 |
| Taxes, insurance & HOA | $300.00 | $300.00 |
| Total housing payment | $2,693.24 | $2,653.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,761
Usable credit−$0
Total buyer cash needed$10,761
Earnest money paid−$0
Remaining funds due$10,761
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,750.00
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)$450.00
Prepaid interest, first (6 days)$336.04
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 11 moOf the original 30-year loan at 5.12%
Interest already paid$22,338Through Dec 2026
Assumption only · ends Nov 2055$407,700
New conventional · ends Jan 2057$493,481