Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,707/mo
+$249/mo- Down payment
- $0
- Funds due
- $8,766
- Interest + MI left
- $284,334
- First ends
- Jul 2055
New loan
New conventional
$1,458/mo
Lowest payment- Down payment
- $19,590
- Funds due
- $26,325
- Interest + MI left
- $257,794
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $211,677 | $176,310 |
| Second mortgage | — | — |
| First P&I | $1,380.44 | $1,194.39 |
| Second P&I | — | — |
| Mortgage insurance | $98.56 | $35.26 |
| Taxes, insurance & HOA | $228.33 | $228.33 |
| Total housing payment | $1,707.33 | $1,457.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$8,766
Usable credit−$0
Total buyer cash needed$8,766
Earnest money paid−$0
Remaining funds due$8,766
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,959.00
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)$235.00
Prepaid interest, first (9 days)$347.09
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 7 moOf the original 30-year loan at 6.65%
Interest already paid$20,112Through Dec 2026
Assumption only · ends Jul 2055$284,334
New conventional · ends Jan 2057$257,794