Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,354/mo
+$311/mo- Down payment
- $0
- Funds due
- $11,139
- Interest + MI left
- $577,613
- First ends
- Apr 2055
New loan
New conventional
$3,044/mo
Lowest payment- Down payment
- $42,500
- Funds due
- $51,411
- Interest + MI left
- $580,087
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $434,439 | $382,500 |
| Second mortgage | — | — |
| First P&I | $2,833.08 | $2,648.35 |
| Second P&I | — | — |
| Mortgage insurance | $202.69 | $76.50 |
| Taxes, insurance & HOA | $318.67 | $318.67 |
| Total housing payment | $3,354.43 | $3,043.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,139
Usable credit−$0
Total buyer cash needed$11,139
Earnest money paid−$0
Remaining funds due$11,139
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$176.00
Initial HOA (3 months)$330.00
Prepaid interest, first (2 days)$157.83
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 5 moOf the original 30-year loan at 6.630%
Interest already paid$46,043Through Nov 2026
Assumption only · ends Apr 2055$577,613
New conventional · ends Dec 2056$580,087