Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$695/mo
Lowest payment- Down payment
- $0
- Funds due
- $7,212
- Interest + MI left
- $46,203
- First ends
- Feb 2051
New loan
New conventional
$737/mo
+$42/mo- Down payment
- $8,470
- Funds due
- $13,806
- Interest + MI left
- $115,608
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $90,373 | $76,230 |
| Second mortgage | — | — |
| First P&I | $426.80 | $527.80 |
| Second P&I | — | — |
| Mortgage insurance | $73.86 | $15.25 |
| Taxes, insurance & HOA | $194.25 | $194.25 |
| Total housing payment | $694.92 | $737.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$7,212
Usable credit−$0
Total buyer cash needed$7,212
Earnest money paid−$0
Remaining funds due$7,212
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$847.00
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)$132.75
Prepaid interest, first (1 days)$6.86
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 closing24 yr 3 moOf the original 30-year loan at 2.770%
Interest already paid$15,547Through Nov 2026
Assumption only · ends Feb 2051$46,203
New conventional · ends Dec 2056$115,608