Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,853/mo
+$417/mo- Down payment
- $0
- Funds due
- $10,760
- Interest + MI left
- $467,976
- First ends
- Nov 2054
New loan
New conventional
$2,436/mo
Lowest payment- Down payment
- $32,950
- Funds due
- $41,520
- Interest + MI left
- $433,605
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $346,444 | $296,550 |
| Second mortgage | — | — |
| First P&I | $2,322.64 | $2,008.93 |
| Second P&I | — | — |
| Mortgage insurance | $162.46 | $59.31 |
| Taxes, insurance & HOA | $368.16 | $368.16 |
| Total housing payment | $2,853.26 | $2,436.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,760
Usable credit−$0
Total buyer cash needed$10,760
Earnest money paid−$0
Remaining funds due$10,760
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,295.00
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)$395.50
Initial HOA (3 months)$258.99
Prepaid interest, first (9 days)$585.16
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 6.85%
Interest already paid$50,049Through Dec 2026
Assumption only · ends Nov 2054$467,976
New conventional · ends Jan 2057$433,605