Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,322/mo
+$436/mo- Down payment
- $0
- Funds due
- $9,613
- Interest + MI left
- $396,307
- First ends
- Feb 2056
New loan
New conventional
$1,886/mo
Lowest payment- Down payment
- $26,000
- Funds due
- $33,491
- Interest + MI left
- $342,147
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $310,515 | $234,000 |
| Second mortgage | — | — |
| First P&I | $1,924.64 | $1,585.20 |
| Second P&I | — | — |
| Mortgage insurance | $143.72 | $46.80 |
| Taxes, insurance & HOA | $254.00 | $254.00 |
| Total housing payment | $2,322.36 | $1,886.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,613
Usable credit−$0
Total buyer cash needed$9,613
Earnest money paid−$0
Remaining funds due$9,613
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,600.00
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)$312.00
Prepaid interest, first (9 days)$476.24
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 closing29 yr 2 moOf the original 30-year loan at 6.22%
Interest already paid$16,183Through Dec 2026
Assumption only · ends Feb 2056$396,307
New conventional · ends Jan 2057$342,147