Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,599/mo
Lowest payment- Down payment
- $0
- Funds due
- $9,048
- Interest + MI left
- $162,801
- First ends
- Feb 2055
New loan
New conventional
$1,807/mo
+$208/mo- Down payment
- $23,500
- Funds due
- $30,532
- Interest + MI left
- $320,754
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $260,442 | $211,500 |
| Second mortgage | — | — |
| First P&I | $1,175.14 | $1,464.38 |
| Second P&I | — | — |
| Mortgage insurance | $123.76 | $42.30 |
| Taxes, insurance & HOA | $299.83 | $299.83 |
| Total housing payment | $1,598.73 | $1,806.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,048
Usable credit−$0
Total buyer cash needed$9,048
Earnest money paid−$0
Remaining funds due$9,048
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,350.00
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)$449.50
Prepaid interest, first (1 days)$23.19
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 3.250%
Interest already paid$15,101Through Nov 2026
Assumption only · ends Feb 2055$162,801
New conventional · ends Dec 2056$320,754