Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,543/mo
Lowest payment- Down payment
- $0
- Funds due
- $9,065
- Interest + MI left
- $162,017
- First ends
- Feb 2055
New loan
New conventional
$1,719/mo
+$176/mo- Down payment
- $23,500
- Funds due
- $30,696
- Interest + MI left
- $309,248
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $259,972 | $211,500 |
| Second mortgage | — | — |
| First P&I | $1,175.14 | $1,432.77 |
| Second P&I | — | — |
| Mortgage insurance | $123.76 | $42.30 |
| Taxes, insurance & HOA | $244.00 | $244.00 |
| Total housing payment | $1,542.90 | $1,719.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,065
Usable credit−$0
Total buyer cash needed$9,065
Earnest money paid−$0
Remaining funds due$9,065
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,350.00
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)$282.00
Prepaid interest, first (9 days)$208.33
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 closing28 yr 2 moOf the original 30-year loan at 3.25%
Interest already paid$15,806Through Dec 2026
Assumption only · ends Feb 2055$162,017
New conventional · ends Jan 2057$309,248