Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,027/mo
+$876/mo- Down payment
- $0
- Funds due
- $8,334
- Interest + MI left
- $347,370
- First ends
- Mar 2055
New loan
New conventional
$1,152/mo
Lowest payment- Down payment
- $15,000
- Funds due
- $21,194
- Interest + MI left
- $197,391
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $255,277 | $134,999 |
| Second mortgage | — | — |
| First P&I | $1,698.04 | $914.53 |
| Second P&I | — | — |
| Mortgage insurance | $119.26 | $27.00 |
| Taxes, insurance & HOA | $210.00 | $210.00 |
| Total housing payment | $2,027.30 | $1,151.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$8,334
Usable credit−$0
Total buyer cash needed$8,334
Earnest money paid−$0
Remaining funds due$8,334
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,499.99
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)$180.00
Prepaid interest, first (9 days)$428.66
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 3 moOf the original 30-year loan at 6.81%
Interest already paid$30,736Through Dec 2026
Assumption only · ends Mar 2055$347,370
New conventional · ends Jan 2057$197,391