Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,046/mo
+$856/mo- Down payment
- $0
- Funds due
- $8,009
- Interest + MI left
- $348,911
- First ends
- Mar 2055
New loan
New conventional
$1,190/mo
Lowest payment- Down payment
- $15,000
- Funds due
- $21,038
- Interest + MI left
- $204,735
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $255,525 | $134,999 |
| Second mortgage | — | — |
| First P&I | $1,698.04 | $934.71 |
| Second P&I | — | — |
| Mortgage insurance | $119.26 | $27.00 |
| Taxes, insurance & HOA | $228.67 | $228.67 |
| Total housing payment | $2,045.97 | $1,190.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$8,009
Usable credit−$0
Total buyer cash needed$8,009
Earnest money paid−$0
Remaining funds due$8,009
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,499.99
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)$236.00
Prepaid interest, first (1 days)$47.67
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 4 moOf the original 30-year loan at 6.810%
Interest already paid$29,286Through Nov 2026
Assumption only · ends Mar 2055$348,911
New conventional · ends Dec 2056$204,735