Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,688/mo
+$470/mo- Down payment
- $0
- Funds due
- $9,858
- Interest + MI left
- $439,127
- First ends
- Feb 2055
New loan
New conventional
$2,218/mo
Lowest payment- Down payment
- $28,500
- Funds due
- $36,265
- Interest + MI left
- $389,000
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $322,708 | $256,500 |
| Second mortgage | — | — |
| First P&I | $2,146.58 | $1,775.95 |
| Second P&I | — | — |
| Mortgage insurance | $150.76 | $51.30 |
| Taxes, insurance & HOA | $390.92 | $390.92 |
| Total housing payment | $2,688.26 | $2,218.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,858
Usable credit−$0
Total buyer cash needed$9,858
Earnest money paid−$0
Remaining funds due$9,858
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,850.00
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)$128.75
Initial HOA (3 months)$594.00
Prepaid interest, first (1 days)$60.21
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 yr 3 moOf the original 30-year loan at 6.810%
Interest already paid$38,855Through Nov 2026
Assumption only · ends Feb 2055$439,127
New conventional · ends Dec 2056$389,000