Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,280/mo
+$834/mo- Down payment
- $0
- Funds due
- $13,135
- Interest + MI left
- $732,885
- First ends
- Sep 2055
New loan
New conventional
$3,445/mo
Lowest payment- Down payment
- $45,990
- Funds due
- $56,713
- Interest + MI left
- $605,205
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $523,243 | $413,910 |
| Second mortgage | — | — |
| First P&I | $3,477.85 | $2,803.97 |
| Second P&I | — | — |
| Mortgage insurance | $243.02 | $82.78 |
| Taxes, insurance & HOA | $558.67 | $558.67 |
| Total housing payment | $4,279.53 | $3,445.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$13,135
Usable credit−$0
Total buyer cash needed$13,135
Earnest money paid−$0
Remaining funds due$13,135
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,599.00
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)$552.00
Initial HOA (3 months)$624.00
Prepaid interest, first (9 days)$885.07
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 9 moOf the original 30-year loan at 6.86%
Interest already paid$45,191Through Dec 2026
Assumption only · ends Sep 2055$732,885
New conventional · ends Jan 2057$605,205