Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,244/mo
+$171/mo- Down payment
- $0
- Funds due
- $9,369
- Interest + MI left
- $377,326
- First ends
- Jan 2055
New loan
New conventional
$2,073/mo
Lowest payment- Down payment
- $29,000
- Funds due
- $36,280
- Interest + MI left
- $395,824
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $293,168 | $261,000 |
| Second mortgage | — | — |
| First P&I | $1,892.89 | $1,807.11 |
| Second P&I | — | — |
| Mortgage insurance | $137.26 | $52.20 |
| Taxes, insurance & HOA | $214.00 | $214.00 |
| Total housing payment | $2,244.15 | $2,073.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,369
Usable credit−$0
Total buyer cash needed$9,369
Earnest money paid−$0
Remaining funds due$9,369
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,900.00
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)$192.00
Prepaid interest, first (1 days)$52.21
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$35,336Through Nov 2026
Assumption only · ends Jan 2055$377,326
New conventional · ends Dec 2056$395,824