Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,939/mo
+$694/mo- Down payment
- $0
- Funds due
- $9,581
- Interest + MI left
- $546,578
- First ends
- Feb 2056
New loan
New conventional
$2,245/mo
Lowest payment- Down payment
- $32,499
- Funds due
- $39,941
- Interest + MI left
- $443,582
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $406,591 | $292,491 |
| Second mortgage | — | — |
| First P&I | $2,591.48 | $2,025.15 |
| Second P&I | — | — |
| Mortgage insurance | $186.35 | $58.50 |
| Taxes, insurance & HOA | $161.08 | $161.08 |
| Total housing payment | $2,938.92 | $2,244.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,581
Usable credit−$0
Total buyer cash needed$9,581
Earnest money paid−$0
Remaining funds due$9,581
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,249.90
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)$33.25
Prepaid interest, first (1 days)$72.41
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 3 moOf the original 30-year loan at 6.500%
Interest already paid$19,914Through Nov 2026
Assumption only · ends Feb 2056$546,578
New conventional · ends Dec 2056$443,582