Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,898/mo
+$163/mo- Down payment
- $0
- Funds due
- $11,158
- Interest + MI left
- $497,271
- First ends
- Feb 2056
New loan
New conventional
$2,735/mo
Lowest payment- Down payment
- $38,710
- Funds due
- $47,700
- Interest + MI left
- $509,404
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $388,925 | $348,390 |
| Second mortgage | — | — |
| First P&I | $2,413.15 | $2,360.12 |
| Second P&I | — | — |
| Mortgage insurance | $180.01 | $69.68 |
| Taxes, insurance & HOA | $304.83 | $304.83 |
| Total housing payment | $2,898.00 | $2,734.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,158
Usable credit−$0
Total buyer cash needed$11,158
Earnest money paid−$0
Remaining funds due$11,158
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,871.00
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)$464.50
Prepaid interest, first (9 days)$597.45
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 6.23%
Interest already paid$20,302Through Dec 2026
Assumption only · ends Feb 2056$497,271
New conventional · ends Jan 2057$509,404