Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,912/mo
+$298/mo- Down payment
- $0
- Funds due
- $11,067
- Interest + MI left
- $482,698
- First ends
- Nov 2055
New loan
New conventional
$2,614/mo
Lowest payment- Down payment
- $35,490
- Funds due
- $44,384
- Interest + MI left
- $467,030
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $373,304 | $319,410 |
| Second mortgage | — | — |
| First P&I | $2,352.21 | $2,163.79 |
| Second P&I | — | — |
| Mortgage insurance | $173.26 | $63.88 |
| Taxes, insurance & HOA | $386.33 | $386.33 |
| Total housing payment | $2,911.80 | $2,614.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,067
Usable credit−$0
Total buyer cash needed$11,067
Earnest money paid−$0
Remaining funds due$11,067
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,549.00
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)$282.99
Prepaid interest, first (9 days)$584.50
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 11 moOf the original 30-year loan at 6.35%
Interest already paid$25,857Through Dec 2026
Assumption only · ends Nov 2055$482,698
New conventional · ends Jan 2057$467,030