Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,148/mo
+$459/mo- Down payment
- $0
- Funds due
- $12,713
- Interest + MI left
- $692,160
- First ends
- Sep 2055
New loan
New conventional
$3,689/mo
Lowest payment- Down payment
- $48,900
- Funds due
- $59,316
- Interest + MI left
- $667,441
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $523,267 | $440,100 |
| Second mortgage | — | — |
| First P&I | $3,351.34 | $3,047.16 |
| Second P&I | — | — |
| Mortgage insurance | $243.02 | $88.02 |
| Taxes, insurance & HOA | $554.00 | $554.00 |
| Total housing payment | $4,148.36 | $3,689.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,713
Usable credit−$0
Total buyer cash needed$12,713
Earnest money paid−$0
Remaining funds due$12,713
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)$538.00
Initial HOA (3 months)$624.00
Prepaid interest, first (2 days)$186.37
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 10 moOf the original 30-year loan at 6.500%
Interest already paid$39,967Through Nov 2026
Assumption only · ends Sep 2055$692,160
New conventional · ends Dec 2056$667,441