Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,666/mo
+$480/mo- Down payment
- $0
- Funds due
- $9,583
- Interest + MI left
- $479,866
- First ends
- Sep 2055
New loan
New conventional
$2,187/mo
Lowest payment- Down payment
- $30,490
- Funds due
- $37,960
- Interest + MI left
- $416,161
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $344,261 | $274,410 |
| Second mortgage | — | — |
| First P&I | $2,274.74 | $1,899.96 |
| Second P&I | — | — |
| Mortgage insurance | $159.76 | $54.88 |
| Taxes, insurance & HOA | $231.67 | $231.67 |
| Total housing payment | $2,666.17 | $2,186.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,583
Usable credit−$0
Total buyer cash needed$9,583
Earnest money paid−$0
Remaining funds due$9,583
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,049.00
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)$245.00
Prepaid interest, first (1 days)$64.23
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 10 moOf the original 30-year loan at 6.810%
Interest already paid$27,537Through Nov 2026
Assumption only · ends Sep 2055$479,866
New conventional · ends Dec 2056$416,161