Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,827/mo
+$373/mo- Down payment
- $0
- Funds due
- $10,225
- Interest + MI left
- $470,089
- First ends
- Nov 2054
New loan
New conventional
$2,454/mo
Lowest payment- Down payment
- $32,950
- Funds due
- $41,035
- Interest + MI left
- $449,738
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $346,787 | $296,550 |
| Second mortgage | — | — |
| First P&I | $2,322.64 | $2,053.25 |
| Second P&I | — | — |
| Mortgage insurance | $162.46 | $59.31 |
| Taxes, insurance & HOA | $341.58 | $341.58 |
| Total housing payment | $2,826.68 | $2,454.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,225
Usable credit−$0
Total buyer cash needed$10,225
Earnest money paid−$0
Remaining funds due$10,225
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)$315.75
Initial HOA (3 months)$258.99
Prepaid interest, first (2 days)$130.16
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 yrOf the original 30-year loan at 6.850%
Interest already paid$48,069Through Nov 2026
Assumption only · ends Nov 2054$470,089
New conventional · ends Dec 2056$449,738