Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,467/mo
+$604/mo- Down payment
- $0
- Funds due
- $10,937
- Interest + MI left
- $609,717
- First ends
- Aug 2055
New loan
New conventional
$2,863/mo
Lowest payment- Down payment
- $38,900
- Funds due
- $47,626
- Interest + MI left
- $530,950
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $436,024 | $350,100 |
| Second mortgage | — | — |
| First P&I | $2,895.26 | $2,424.02 |
| Second P&I | — | — |
| Mortgage insurance | $202.51 | $70.02 |
| Taxes, insurance & HOA | $369.34 | $369.34 |
| Total housing payment | $3,467.11 | $2,863.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,937
Usable credit−$0
Total buyer cash needed$10,937
Earnest money paid−$0
Remaining funds due$10,937
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,890.00
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)$458.00
Initial HOA (3 months)$200.01
Prepaid interest, first (2 days)$163.66
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 yr 9 moOf the original 30-year loan at 6.850%
Interest already paid$37,604Through Nov 2026
Assumption only · ends Aug 2055$609,717
New conventional · ends Dec 2056$530,950