Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,696/mo
Lowest payment- Down payment
- $35,203
- Funds due
- $44,565
- Interest + MI left
- $285,301
- First ends
- Jun 2056
New loan
New conventional
$1,819/mo
+$123/mo- Down payment
- $25,000
- Funds due
- $32,373
- 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 | $214,797 | $225,000 |
| Second mortgage | — | — |
| First P&I | $1,346.95 | $1,524.23 |
| Second P&I | — | — |
| Mortgage insurance | $99.01 | $45.00 |
| Taxes, insurance & HOA | $250.00 | $250.00 |
| Total housing payment | $1,695.95 | $1,819.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,203
Closing costs & prepaids$9,362
Usable credit−$0
Total buyer cash needed$44,565
Earnest money paid−$0
Remaining funds due$44,565
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
Prepaid interest, first (9 days)$337.38
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 6 moOf the original 30-year loan at 6.37%
Interest already paid$6,864Through Dec 2026
Assumption only · ends Jun 2056$285,301
New conventional · ends Jan 2057$328,987