Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,790/mo
+$501/mo- Down payment
- $0
- Funds due
- $10,297
- Interest + MI left
- $443,189
- First ends
- Feb 2055
New loan
New conventional
$2,288/mo
Lowest payment- Down payment
- $30,000
- Funds due
- $38,156
- Interest + MI left
- $394,785
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $344,341 | $270,000 |
| Second mortgage | — | — |
| First P&I | $2,223.29 | $1,829.07 |
| Second P&I | — | — |
| Mortgage insurance | $161.22 | $54.00 |
| Taxes, insurance & HOA | $405.00 | $405.00 |
| Total housing payment | $2,789.51 | $2,288.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,297
Usable credit−$0
Total buyer cash needed$10,297
Earnest money paid−$0
Remaining funds due$10,297
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,000.00
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)$765.00
Prepaid interest, first (5 days)$306.60
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 6.5%
Interest already paid$41,504Through Dec 2026
Assumption only · ends Feb 2055$443,189
New conventional · ends Jan 2057$394,785