Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,996/mo
+$687/mo- Down payment
- $0
- Funds due
- $11,776
- Interest + MI left
- $654,648
- First ends
- Oct 2054
New loan
New conventional
$3,309/mo
Lowest payment- Down payment
- $43,500
- Funds due
- $53,029
- Interest + MI left
- $593,736
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $484,638 | $391,500 |
| Second mortgage | — | — |
| First P&I | $3,249.12 | $2,710.67 |
| Second P&I | — | — |
| Mortgage insurance | $227.27 | $78.30 |
| Taxes, insurance & HOA | $520.00 | $520.00 |
| Total housing payment | $3,996.39 | $3,308.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,776
Usable credit−$0
Total buyer cash needed$11,776
Earnest money paid−$0
Remaining funds due$11,776
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,350.00
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)$885.00
Initial HOA (3 months)$225.00
Prepaid interest, first (1 days)$90.95
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 closing27 yr 11 moOf the original 30-year loan at 6.850%
Interest already paid$70,013Through Nov 2026
Assumption only · ends Oct 2054$654,648
New conventional · ends Dec 2056$593,736