Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,869/mo
+$325/mo- Down payment
- $0
- Funds due
- $13,076
- Interest + MI left
- $639,432
- First ends
- May 2055
New loan
New conventional
$3,544/mo
Lowest payment- Down payment
- $48,900
- Funds due
- $59,678
- Interest + MI left
- $643,499
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $491,718 | $440,100 |
| Second mortgage | — | — |
| First P&I | $3,165.09 | $2,981.39 |
| Second P&I | — | — |
| Mortgage insurance | $229.51 | $88.02 |
| Taxes, insurance & HOA | $474.25 | $474.25 |
| Total housing payment | $3,868.85 | $3,543.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$13,076
Usable credit−$0
Total buyer cash needed$13,076
Earnest money paid−$0
Remaining funds due$13,076
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,890.00
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$586.75
Initial HOA (3 months)$336.00
Prepaid interest, first (9 days)$788.10
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 closing28 yr 5 moOf the original 30-year loan at 6.5%
Interest already paid$51,103Through Dec 2026
Assumption only · ends May 2055$639,432
New conventional · ends Jan 2057$643,499