Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,206/mo
+$507/mo- Down payment
- $0
- Funds due
- $9,281
- Interest + MI left
- $355,635
- First ends
- Mar 2054
New loan
New conventional
$1,699/mo
Lowest payment- Down payment
- $23,200
- Funds due
- $30,361
- Interest + MI left
- $305,300
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $272,189 | $208,800 |
| Second mortgage | — | — |
| First P&I | $1,834.47 | $1,414.48 |
| Second P&I | — | — |
| Mortgage insurance | $128.71 | $41.76 |
| Taxes, insurance & HOA | $242.83 | $242.83 |
| Total housing payment | $2,206.01 | $1,699.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,281
Usable credit−$0
Total buyer cash needed$9,281
Earnest money paid−$0
Remaining funds due$9,281
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,320.00
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)$278.50
Prepaid interest, first (9 days)$457.73
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 closing27 yr 3 moOf the original 30-year loan at 6.82%
Interest already paid$51,908Through Dec 2026
Assumption only · ends Mar 2054$355,635
New conventional · ends Jan 2057$305,300