Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,685/mo
+$259/mo- Down payment
- $0
- Funds due
- $11,911
- Interest + MI left
- $642,276
- First ends
- May 2055
New loan
New conventional
$3,426/mo
Lowest payment- Down payment
- $48,900
- Funds due
- $58,525
- Interest + MI left
- $667,441
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $492,217 | $440,100 |
| Second mortgage | — | — |
| First P&I | $3,165.09 | $3,047.16 |
| Second P&I | — | — |
| Mortgage insurance | $229.51 | $88.02 |
| Taxes, insurance & HOA | $290.33 | $290.33 |
| Total housing payment | $3,684.94 | $3,425.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,911
Usable credit−$0
Total buyer cash needed$11,911
Earnest money paid−$0
Remaining funds due$11,911
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,890.00
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$35.00
Initial HOA (3 months)$336.00
Prepaid interest, first (2 days)$175.31
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 6 moOf the original 30-year loan at 6.500%
Interest already paid$48,437Through Nov 2026
Assumption only · ends May 2055$642,276
New conventional · ends Dec 2056$667,441