Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,961/mo
+$690/mo- Down payment
- $0
- Funds due
- $10,510
- Interest + MI left
- $509,884
- First ends
- Oct 2055
New loan
New conventional
$2,271/mo
Lowest payment- Down payment
- $30,490
- Funds due
- $38,766
- Interest + MI left
- $401,233
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $371,323 | $274,410 |
| Second mortgage | — | — |
| First P&I | $2,431.57 | $1,858.95 |
| Second P&I | — | — |
| Mortgage insurance | $172.36 | $54.88 |
| Taxes, insurance & HOA | $357.00 | $357.00 |
| Total housing payment | $2,960.93 | $2,270.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,510
Usable credit−$0
Total buyer cash needed$10,510
Earnest money paid−$0
Remaining funds due$10,510
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,049.00
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)$366.00
Initial HOA (3 months)$255.00
Prepaid interest, first (9 days)$615.28
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 10 moOf the original 30-year loan at 6.72%
Interest already paid$29,313Through Dec 2026
Assumption only · ends Oct 2055$509,884
New conventional · ends Jan 2057$401,233