Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,317/mo
+$815/mo- Down payment
- $0
- Funds due
- $8,986
- Interest + MI left
- $393,034
- First ends
- Oct 2054
New loan
New conventional
$1,502/mo
Lowest payment- Down payment
- $20,250
- Funds due
- $27,063
- Interest + MI left
- $266,480
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $288,671 | $182,250 |
| Second mortgage | — | — |
| First P&I | $1,950.47 | $1,234.62 |
| Second P&I | — | — |
| Mortgage insurance | $135.46 | $36.45 |
| Taxes, insurance & HOA | $231.00 | $231.00 |
| Total housing payment | $2,316.93 | $1,502.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$8,986
Usable credit−$0
Total buyer cash needed$8,986
Earnest money paid−$0
Remaining funds due$8,986
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,025.00
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)$243.00
Prepaid interest, first (9 days)$492.56
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 10 moOf the original 30-year loan at 6.92%
Interest already paid$43,830Through Dec 2026
Assumption only · ends Oct 2054$393,034
New conventional · ends Jan 2057$266,480