Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,768/mo
+$378/mo- Down payment
- $0
- Funds due
- $10,162
- Interest + MI left
- $470,515
- First ends
- Aug 2055
New loan
New conventional
$2,390/mo
Lowest payment- Down payment
- $31,500
- Funds due
- $39,535
- Interest + MI left
- $429,947
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $338,708 | $283,500 |
| Second mortgage | — | — |
| First P&I | $2,240.14 | $1,962.90 |
| Second P&I | — | — |
| Mortgage insurance | $157.33 | $56.70 |
| Taxes, insurance & HOA | $370.17 | $370.17 |
| Total housing payment | $2,767.64 | $2,389.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,162
Usable credit−$0
Total buyer cash needed$10,162
Earnest money paid−$0
Remaining funds due$10,162
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,150.00
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)$399.50
Initial HOA (3 months)$261.00
Prepaid interest, first (2 days)$126.39
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 6.810%
Interest already paid$29,042Through Nov 2026
Assumption only · ends Aug 2055$470,515
New conventional · ends Dec 2056$429,947