Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,373/mo
+$372/mo- Down payment
- $0
- Funds due
- $11,065
- Interest + MI left
- $562,984
- First ends
- Nov 2054
New loan
New conventional
$3,001/mo
Lowest payment- Down payment
- $41,900
- Funds due
- $50,742
- Interest + MI left
- $571,898
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $441,204 | $377,100 |
| Second mortgage | — | — |
| First P&I | $2,851.82 | $2,610.96 |
| Second P&I | — | — |
| Mortgage insurance | $207.01 | $75.42 |
| Taxes, insurance & HOA | $314.42 | $314.42 |
| Total housing payment | $3,373.24 | $3,000.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,065
Usable credit−$0
Total buyer cash needed$11,065
Earnest money paid−$0
Remaining funds due$11,065
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,190.00
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)$184.25
Initial HOA (3 months)$309.00
Prepaid interest, first (2 days)$156.90
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 yrOf the original 30-year loan at 6.490%
Interest already paid$57,990Through Nov 2026
Assumption only · ends Nov 2054$562,984
New conventional · ends Dec 2056$571,898