Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,931/mo
+$283/mo- Down payment
- $0
- Funds due
- $10,509
- Interest + MI left
- $484,093
- First ends
- Nov 2054
New loan
New conventional
$2,648/mo
Lowest payment- Down payment
- $35,500
- Funds due
- $43,852
- Interest + MI left
- $484,543
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $357,118 | $319,500 |
| Second mortgage | — | — |
| First P&I | $2,391.83 | $2,212.15 |
| Second P&I | — | — |
| Mortgage insurance | $167.30 | $63.90 |
| Taxes, insurance & HOA | $372.33 | $372.33 |
| Total housing payment | $2,931.47 | $2,648.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,509
Usable credit−$0
Total buyer cash needed$10,509
Earnest money paid−$0
Remaining funds due$10,509
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,550.00
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)$411.00
Initial HOA (3 months)$255.99
Prepaid interest, first (1 days)$67.02
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 yrOf the original 30-year loan at 6.850%
Interest already paid$49,501Through Nov 2026
Assumption only · ends Nov 2054$484,093
New conventional · ends Dec 2056$484,543