Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,027/mo
Lowest payment- Down payment
- $0
- Funds due
- $10,061
- Interest + MI left
- $230,026
- First ends
- May 2055
New loan
New conventional
$2,526/mo
+$498/mo- Down payment
- $35,990
- Funds due
- $43,925
- Interest + MI left
- $491,231
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $364,676 | $323,910 |
| Second mortgage | — | — |
| First P&I | $1,636.65 | $2,242.69 |
| Second P&I | — | — |
| Mortgage insurance | $172.36 | $64.78 |
| Taxes, insurance & HOA | $218.25 | $218.25 |
| Total housing payment | $2,027.26 | $2,525.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,061
Usable credit−$0
Total buyer cash needed$10,061
Earnest money paid−$0
Remaining funds due$10,061
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,599.00
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)$204.75
Prepaid interest, first (1 days)$32.47
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 6 moOf the original 30-year loan at 3.250%
Interest already paid$18,073Through Nov 2026
Assumption only · ends May 2055$230,026
New conventional · ends Dec 2056$491,231