Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,745/mo
+$728/mo- Down payment
- $0
- Funds due
- $10,160
- Interest + MI left
- $437,181
- First ends
- Feb 2055
New loan
New conventional
$2,017/mo
Lowest payment- Down payment
- $25,000
- Funds due
- $32,967
- Interest + MI left
- $328,987
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $322,393 | $225,000 |
| Second mortgage | — | — |
| First P&I | $2,146.58 | $1,524.23 |
| Second P&I | — | — |
| Mortgage insurance | $150.76 | $45.00 |
| Taxes, insurance & HOA | $448.00 | $448.00 |
| Total housing payment | $2,745.34 | $2,017.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,160
Usable credit−$0
Total buyer cash needed$10,160
Earnest money paid−$0
Remaining funds due$10,160
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,500.00
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)$300.00
Initial HOA (3 months)$594.00
Prepaid interest, first (9 days)$541.36
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 6.81%
Interest already paid$40,686Through Dec 2026
Assumption only · ends Feb 2055$437,181
New conventional · ends Jan 2057$328,987