Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,669/mo
+$543/mo- Down payment
- $0
- Funds due
- $9,462
- Interest + MI left
- $749,178
- First ends
- Oct 2065
New loan
New conventional
$2,126/mo
Lowest payment- Down payment
- $29,900
- Funds due
- $37,248
- Interest + MI left
- $408,108
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $375,960 | $269,100 |
| Second mortgage | — | — |
| First P&I | $2,286.29 | $1,863.19 |
| Second P&I | — | — |
| Mortgage insurance | $173.26 | $53.82 |
| Taxes, insurance & HOA | $209.00 | $209.00 |
| Total housing payment | $2,668.55 | $2,126.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,462
Usable credit−$0
Total buyer cash needed$9,462
Earnest money paid−$0
Remaining funds due$9,462
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,990.00
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)$177.00
Prepaid interest, first (1 days)$69.73
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 closing38 yr 11 moOf the original 40-year loan at 6.770%
Interest already paid$27,656Through Nov 2026
Assumption only · ends Oct 2065$749,178
New conventional · ends Dec 2056$408,108