Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$271,672/mo
+$269,135/mo- Down payment
- $0
- Funds due
- $17,548
- Interest + MI left
- $53,818,980
- First ends
- Apr 2056
New loan
New conventional
$2,538/mo
Lowest payment- Down payment
- $31,599
- Funds due
- $40,011
- Interest + MI left
- $431,298
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $39,742,726 | $284,391 |
| Second mortgage | — | — |
| First P&I | $252,827.21 | $1,969.07 |
| Second P&I | — | — |
| Mortgage insurance | $18,333.33 | $56.88 |
| Taxes, insurance & HOA | $511.83 | $511.83 |
| Total housing payment | $271,672.38 | $2,537.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$17,548
Usable credit−$0
Total buyer cash needed$17,548
Earnest money paid−$0
Remaining funds due$17,548
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,159.90
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)$575.50
Initial HOA (3 months)$510.00
Prepaid interest, first (1 days)$7,077.47
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 5 moOf the original 30-year loan at 6.500%
Interest already paid$1,512,516Through Nov 2026
Assumption only · ends Apr 2056$53,818,980
New conventional · ends Dec 2056$431,298