Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,087/mo
+$535/mo- Down payment
- $0
- Funds due
- $10,345
- Interest + MI left
- $560,964
- First ends
- Aug 2056
New loan
New conventional
$2,552/mo
Lowest payment- Down payment
- $35,000
- Funds due
- $43,177
- Interest + MI left
- $477,719
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $408,882 | $315,000 |
| Second mortgage | — | — |
| First P&I | $2,591.48 | $2,181.00 |
| Second P&I | — | — |
| Mortgage insurance | $187.40 | $63.00 |
| Taxes, insurance & HOA | $308.17 | $308.17 |
| Total housing payment | $3,087.05 | $2,552.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,345
Usable credit−$0
Total buyer cash needed$10,345
Earnest money paid−$0
Remaining funds due$10,345
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
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)$261.50
Initial HOA (3 months)$213.00
Prepaid interest, first (2 days)$145.63
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 closing29 yr 9 moOf the original 30-year loan at 6.500%
Interest already paid$6,656Through Nov 2026
Assumption only · ends Aug 2056$560,964
New conventional · ends Dec 2056$477,719