Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,151/mo
+$277/mo- Down payment
- $0
- Funds due
- $11,590
- Interest + MI left
- $537,089
- First ends
- Jun 2056
New loan
New conventional
$2,874/mo
Lowest payment- Down payment
- $38,990
- Funds due
- $48,376
- Interest + MI left
- $513,088
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $405,076 | $350,910 |
| Second mortgage | — | — |
| First P&I | $2,537.51 | $2,377.19 |
| Second P&I | — | — |
| Mortgage insurance | $186.71 | $70.18 |
| Taxes, insurance & HOA | $427.00 | $427.00 |
| Total housing payment | $3,151.22 | $2,874.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,590
Usable credit−$0
Total buyer cash needed$11,590
Earnest money paid−$0
Remaining funds due$11,590
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,899.00
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)$468.00
Initial HOA (3 months)$363.00
Prepaid interest, first (9 days)$635.25
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 closing29 yr 6 moOf the original 30-year loan at 6.36%
Interest already paid$12,924Through Dec 2026
Assumption only · ends Jun 2056$537,089
New conventional · ends Jan 2057$513,088