Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,976/mo
+$183/mo- Down payment
- $0
- Funds due
- $8,892
- Interest + MI left
- $339,727
- First ends
- Apr 2055
New loan
New conventional
$1,793/mo
Lowest payment- Down payment
- $25,000
- Funds due
- $31,841
- Interest + MI left
- $341,226
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $255,519 | $224,999 |
| Second mortgage | — | — |
| First P&I | $1,666.30 | $1,557.85 |
| Second P&I | — | — |
| Mortgage insurance | $119.21 | $45.00 |
| Taxes, insurance & HOA | $190.17 | $190.17 |
| Total housing payment | $1,975.67 | $1,793.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$8,892
Usable credit−$0
Total buyer cash needed$8,892
Earnest money paid−$0
Remaining funds due$8,892
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,499.99
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)$120.50
Prepaid interest, first (1 days)$46.41
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 5 moOf the original 30-year loan at 6.630%
Interest already paid$27,080Through Nov 2026
Assumption only · ends Apr 2055$339,727
New conventional · ends Dec 2056$341,226