Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,257/mo
+$337/mo- Down payment
- $0
- Funds due
- $9,094
- Interest + MI left
- $398,026
- First ends
- Feb 2056
New loan
New conventional
$1,920/mo
Lowest payment- Down payment
- $27,000
- Funds due
- $34,021
- Interest + MI left
- $368,526
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $310,828 | $243,000 |
| Second mortgage | — | — |
| First P&I | $1,924.64 | $1,682.48 |
| Second P&I | — | — |
| Mortgage insurance | $143.72 | $48.60 |
| Taxes, insurance & HOA | $188.75 | $188.75 |
| Total housing payment | $2,257.11 | $1,919.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,094
Usable credit−$0
Total buyer cash needed$9,094
Earnest money paid−$0
Remaining funds due$9,094
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,700.00
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)$116.25
Prepaid interest, first (1 days)$52.97
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 6.220%
Interest already paid$14,572Through Nov 2026
Assumption only · ends Feb 2056$398,026
New conventional · ends Dec 2056$368,526