Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,633/mo
+$934/mo- Down payment
- $0
- Funds due
- $12,986
- Interest + MI left
- $722,121
- First ends
- Dec 2053
New loan
New conventional
$3,699/mo
Lowest payment- Down payment
- $46,500
- Funds due
- $57,184
- Interest + MI left
- $634,683
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $523,758 | $418,500 |
| Second mortgage | — | — |
| First P&I | $3,667.37 | $2,897.61 |
| Second P&I | — | — |
| Mortgage insurance | $247.63 | $83.70 |
| Taxes, insurance & HOA | $718.08 | $718.08 |
| Total housing payment | $4,633.08 | $3,699.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,986
Usable credit−$0
Total buyer cash needed$12,986
Earnest money paid−$0
Remaining funds due$12,986
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,650.00
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)$1,279.25
Initial HOA (3 months)$375.00
Prepaid interest, first (2 days)$206.63
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 closing27 yr 1 moOf the original 30-year loan at 7.200%
Interest already paid$111,834Through Nov 2026
Assumption only · ends Dec 2053$722,121
New conventional · ends Dec 2056$634,683