Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,862/mo
+$384/mo- Down payment
- $0
- Funds due
- $10,591
- Interest + MI left
- $439,685
- First ends
- Apr 2055
New loan
New conventional
$2,478/mo
Lowest payment- Down payment
- $29,000
- Funds due
- $37,495
- Interest + MI left
- $395,824
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $309,084 | $261,000 |
| Second mortgage | — | — |
| First P&I | $2,098.85 | $1,807.11 |
| Second P&I | — | — |
| Mortgage insurance | $144.01 | $52.20 |
| Taxes, insurance & HOA | $618.92 | $618.92 |
| Total housing payment | $2,861.78 | $2,478.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,591
Usable credit−$0
Total buyer cash needed$10,591
Earnest money paid−$0
Remaining funds due$10,591
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,900.00
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)$1,071.75
Initial HOA (3 months)$335.01
Prepaid interest, first (1 days)$59.62
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 closing28 yr 5 moOf the original 30-year loan at 7.040%
Interest already paid$34,758Through Nov 2026
Assumption only · ends Apr 2055$439,685
New conventional · ends Dec 2056$395,824