Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,199/mo
+$170/mo- Down payment
- $0
- Funds due
- $9,372
- Interest + MI left
- $368,913
- First ends
- Jan 2056
New loan
New conventional
$2,029/mo
Lowest payment- Down payment
- $27,500
- Funds due
- $34,798
- Interest + MI left
- $375,350
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $291,661 | $247,500 |
| Second mortgage | — | — |
| First P&I | $1,798.39 | $1,713.64 |
| Second P&I | — | — |
| Mortgage insurance | $135.01 | $49.50 |
| Taxes, insurance & HOA | $265.83 | $265.83 |
| Total housing payment | $2,199.24 | $2,028.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,372
Usable credit−$0
Total buyer cash needed$9,372
Earnest money paid−$0
Remaining funds due$9,372
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,750.00
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)$2.50
Initial HOA (3 months)$345.00
Prepaid interest, first (1 days)$49.30
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 closing29 yr 2 moOf the original 30-year loan at 6.170%
Interest already paid$15,079Through Nov 2026
Assumption only · ends Jan 2056$368,913
New conventional · ends Dec 2056$375,350