Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,166/mo
+$467/mo- Down payment
- $0
- Funds due
- $8,835
- Interest + MI left
- $248,732
- First ends
- Oct 2049
New loan
New conventional
$1,699/mo
Lowest payment- Down payment
- $22,540
- Funds due
- $29,346
- Interest + MI left
- $307,651
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $264,527 | $202,860 |
| Second mortgage | — | — |
| First P&I | $1,786.52 | $1,404.56 |
| Second P&I | — | — |
| Mortgage insurance | $126.01 | $40.57 |
| Taxes, insurance & HOA | $253.92 | $253.92 |
| Total housing payment | $2,166.45 | $1,699.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$8,835
Usable credit−$0
Total buyer cash needed$8,835
Earnest money paid−$0
Remaining funds due$8,835
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,254.00
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)$311.75
Prepaid interest, first (1 days)$44.14
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 closing22 yr 11 moOf the original 25-year loan at 6.090%
Interest already paid$34,262Through Nov 2026
Assumption only · ends Oct 2049$248,732
New conventional · ends Dec 2056$307,651