Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,163/mo
+$843/mo- Down payment
- $0
- Funds due
- $11,887
- Interest + MI left
- $731,363
- First ends
- Mar 2055
New loan
New conventional
$3,320/mo
Lowest payment- Down payment
- $46,000
- Funds due
- $55,595
- Interest + MI left
- $627,859
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $530,347 | $414,000 |
| Second mortgage | — | — |
| First P&I | $3,545.21 | $2,866.45 |
| Second P&I | — | — |
| Mortgage insurance | $247.47 | $82.80 |
| Taxes, insurance & HOA | $370.75 | $370.75 |
| Total housing payment | $4,163.43 | $3,320.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,887
Usable credit−$0
Total buyer cash needed$11,887
Earnest money paid−$0
Remaining funds due$11,887
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,600.00
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)$354.25
Initial HOA (3 months)$258.00
Prepaid interest, first (2 days)$199.64
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 4 moOf the original 30-year loan at 6.870%
Interest already paid$61,312Through Nov 2026
Assumption only · ends Mar 2055$731,363
New conventional · ends Dec 2056$627,859