Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,181/mo
+$476/mo- Down payment
- $0
- Funds due
- $8,800
- Interest + MI left
- $357,281
- First ends
- Mar 2054
New loan
New conventional
$1,706/mo
Lowest payment- Down payment
- $23,200
- Funds due
- $29,960
- Interest + MI left
- $316,659
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $272,475 | $208,800 |
| Second mortgage | — | — |
| First P&I | $1,834.47 | $1,445.69 |
| Second P&I | — | — |
| Mortgage insurance | $128.71 | $41.76 |
| Taxes, insurance & HOA | $218.08 | $218.08 |
| Total housing payment | $2,181.26 | $1,705.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$8,800
Usable credit−$0
Total buyer cash needed$8,800
Earnest money paid−$0
Remaining funds due$8,800
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,320.00
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)$204.25
Prepaid interest, first (1 days)$50.91
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 closing27 yr 4 moOf the original 30-year loan at 6.820%
Interest already paid$50,360Through Nov 2026
Assumption only · ends Mar 2054$357,281
New conventional · ends Dec 2056$316,659