Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,349/mo
+$792/mo- Down payment
- $0
- Funds due
- $8,477
- Interest + MI left
- $408,254
- First ends
- Jan 2055
New loan
New conventional
$1,556/mo
Lowest payment- Down payment
- $21,900
- Funds due
- $28,342
- Interest + MI left
- $298,915
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $317,198 | $197,100 |
| Second mortgage | — | — |
| First P&I | $2,048.04 | $1,364.68 |
| Second P&I | — | — |
| Mortgage insurance | $148.51 | $39.42 |
| Taxes, insurance & HOA | $152.00 | $152.00 |
| Total housing payment | $2,348.55 | $1,556.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$8,477
Usable credit−$0
Total buyer cash needed$8,477
Earnest money paid−$0
Remaining funds due$8,477
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,190.00
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)$6.00
Prepaid interest, first (1 days)$56.49
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 2 moOf the original 30-year loan at 6.500%
Interest already paid$38,233Through Nov 2026
Assumption only · ends Jan 2055$408,254
New conventional · ends Dec 2056$298,915