Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,698/mo
+$646/mo- Down payment
- $0
- Funds due
- $9,995
- Interest + MI left
- $477,783
- First ends
- Sep 2055
New loan
New conventional
$2,053/mo
Lowest payment- Down payment
- $28,500
- Funds due
- $36,286
- Interest + MI left
- $375,045
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $343,940 | $256,500 |
| Second mortgage | — | — |
| First P&I | $2,274.74 | $1,737.62 |
| Second P&I | — | — |
| Mortgage insurance | $159.76 | $51.30 |
| Taxes, insurance & HOA | $264.00 | $264.00 |
| Total housing payment | $2,698.50 | $2,052.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,995
Usable credit−$0
Total buyer cash needed$9,995
Earnest money paid−$0
Remaining funds due$9,995
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,850.00
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)$342.00
Prepaid interest, first (9 days)$577.54
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 9 moOf the original 30-year loan at 6.81%
Interest already paid$29,491Through Dec 2026
Assumption only · ends Sep 2055$477,783
New conventional · ends Jan 2057$375,045