Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,115/mo
+$491/mo- Down payment
- $0
- Funds due
- $11,287
- Interest + MI left
- $459,903
- First ends
- Jul 2055
New loan
New conventional
$2,625/mo
Lowest payment- Down payment
- $29,990
- Funds due
- $39,139
- Interest + MI left
- $390,059
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $332,247 | $269,910 |
| Second mortgage | — | — |
| First P&I | $2,205.92 | $1,815.70 |
| Second P&I | — | — |
| Mortgage insurance | $154.61 | $53.98 |
| Taxes, insurance & HOA | $754.92 | $754.92 |
| Total housing payment | $3,115.45 | $2,624.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,287
Usable credit−$0
Total buyer cash needed$11,287
Earnest money paid−$0
Remaining funds due$11,287
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,999.00
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)$764.75
Initial HOA (3 months)$1,050.00
Prepaid interest, first (4 days)$248.68
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 7 moOf the original 30-year loan at 6.83%
Interest already paid$32,412Through Dec 2026
Assumption only · ends Jul 2055$459,903
New conventional · ends Jan 2057$390,059