Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,936/mo
+$331/mo- Down payment
- $0
- Funds due
- $11,060
- Interest + MI left
- $481,918
- First ends
- Nov 2054
New loan
New conventional
$2,606/mo
Lowest payment- Down payment
- $35,500
- Funds due
- $44,368
- Interest + MI left
- $467,162
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $356,765 | $319,500 |
| Second mortgage | — | — |
| First P&I | $2,391.83 | $2,164.40 |
| Second P&I | — | — |
| Mortgage insurance | $167.30 | $63.90 |
| Taxes, insurance & HOA | $377.33 | $377.33 |
| Total housing payment | $2,936.47 | $2,605.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,060
Usable credit−$0
Total buyer cash needed$11,060
Earnest money paid−$0
Remaining funds due$11,060
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,550.00
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)$426.00
Initial HOA (3 months)$255.99
Prepaid interest, first (9 days)$602.59
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$51,540Through Dec 2026
Assumption only · ends Nov 2054$481,918
New conventional · ends Jan 2057$467,162