Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,047/mo
+$298/mo- Down payment
- $0
- Funds due
- $11,110
- Interest + MI left
- $468,311
- First ends
- May 2055
New loan
New conventional
$2,749/mo
Lowest payment- Down payment
- $32,900
- Funds due
- $41,875
- Interest + MI left
- $449,056
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $337,258 | $296,100 |
| Second mortgage | — | — |
| First P&I | $2,250.19 | $2,050.14 |
| Second P&I | — | — |
| Mortgage insurance | $157.07 | $59.22 |
| Taxes, insurance & HOA | $639.50 | $639.50 |
| Total housing payment | $3,046.76 | $2,748.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,110
Usable credit−$0
Total buyer cash needed$11,110
Earnest money paid−$0
Remaining funds due$11,110
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,290.00
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)$847.50
Initial HOA (3 months)$621.00
Prepaid interest, first (2 days)$126.96
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 closing28 yr 6 moOf the original 30-year loan at 6.870%
Interest already paid$35,056Through Nov 2026
Assumption only · ends May 2055$468,311
New conventional · ends Dec 2056$449,056