Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,994/mo
+$503/mo- Down payment
- $0
- Funds due
- $10,085
- Interest + MI left
- $498,252
- First ends
- Jan 2055
New loan
New conventional
$2,491/mo
Lowest payment- Down payment
- $35,000
- Funds due
- $42,929
- Interest + MI left
- $477,717
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $408,013 | $314,999 |
| Second mortgage | — | — |
| First P&I | $2,555.85 | $2,180.99 |
| Second P&I | — | — |
| Mortgage insurance | $191.26 | $63.00 |
| Taxes, insurance & HOA | $246.83 | $246.83 |
| Total housing payment | $2,993.94 | $2,490.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,085
Usable credit−$0
Total buyer cash needed$10,085
Earnest money paid−$0
Remaining funds due$10,085
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,499.99
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)$290.50
Prepaid interest, first (1 days)$69.31
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 2 moOf the original 30-year loan at 6.200%
Interest already paid$46,939Through Nov 2026
Assumption only · ends Jan 2055$498,252
New conventional · ends Dec 2056$477,717