Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,274/mo
+$1,759/mo- Down payment
- $0
- Funds due
- $8,996
- Interest + MI left
- $560,964
- First ends
- Aug 2056
New loan
New conventional
$1,515/mo
Lowest payment- Down payment
- $15,900
- Funds due
- $22,850
- Interest + MI left
- $217,021
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $408,882 | $143,100 |
| Second mortgage | — | — |
| First P&I | $2,591.48 | $990.80 |
| Second P&I | — | — |
| Mortgage insurance | $187.40 | $28.62 |
| Taxes, insurance & HOA | $495.25 | $495.25 |
| Total housing payment | $3,274.13 | $1,514.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$8,996
Usable credit−$0
Total buyer cash needed$8,996
Earnest money paid−$0
Remaining funds due$8,996
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,590.00
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)$570.75
Initial HOA (3 months)$465.00
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$217,021