Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,901/mo
+$483/mo- Down payment
- $0
- Funds due
- $8,744
- Interest + MI left
- $317,232
- First ends
- Mar 2055
New loan
New conventional
$1,418/mo
Lowest payment- Down payment
- $18,990
- Funds due
- $25,655
- Interest + MI left
- $249,899
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $237,833 | $170,910 |
| Second mortgage | — | — |
| First P&I | $1,563.36 | $1,157.80 |
| Second P&I | — | — |
| Mortgage insurance | $111.16 | $34.18 |
| Taxes, insurance & HOA | $226.00 | $226.00 |
| Total housing payment | $1,900.52 | $1,417.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$8,744
Usable credit−$0
Total buyer cash needed$8,744
Earnest money paid−$0
Remaining funds due$8,744
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,899.00
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)$228.00
Prepaid interest, first (9 days)$392.33
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 6.69%
Interest already paid$28,137Through Dec 2026
Assumption only · ends Mar 2055$317,232
New conventional · ends Jan 2057$249,899