Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,989/mo
+$862/mo- Down payment
- $0
- Funds due
- $9,468
- Interest + MI left
- $565,786
- First ends
- Oct 2056
New loan
New conventional
$2,127/mo
Lowest payment- Down payment
- $29,900
- Funds due
- $37,251
- Interest + MI left
- $408,108
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $409,629 | $269,100 |
| Second mortgage | — | — |
| First P&I | $2,591.48 | $1,863.19 |
| Second P&I | — | — |
| Mortgage insurance | $187.75 | $53.82 |
| Taxes, insurance & HOA | $210.17 | $210.17 |
| Total housing payment | $2,989.39 | $2,127.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,468
Usable credit−$0
Total buyer cash needed$9,468
Earnest money paid−$0
Remaining funds due$9,468
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,990.00
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)$180.50
Prepaid interest, first (1 days)$72.95
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 11 moOf the original 30-year loan at 6.500%
Interest already paid$2,221Through Nov 2026
Assumption only · ends Oct 2056$565,786
New conventional · ends Dec 2056$408,108