Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,251/mo
+$459/mo- Down payment
- $0
- Funds due
- $7,451
- Interest + MI left
- $110,663
- First ends
- Mar 2049
New loan
New conventional
$792/mo
Lowest payment- Down payment
- $9,007
- Funds due
- $14,552
- Interest + MI left
- $118,522
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $149,722 | $81,059 |
| Second mortgage | — | — |
| First P&I | $900.16 | $549.12 |
| Second P&I | — | — |
| Mortgage insurance | $123.80 | $16.21 |
| Taxes, insurance & HOA | $226.58 | $226.58 |
| Total housing payment | $1,250.54 | $791.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$7,451
Usable credit−$0
Total buyer cash needed$7,451
Earnest money paid−$0
Remaining funds due$7,451
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$900.66
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)$229.75
Prepaid interest, first (5 days)$95.17
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 closing22 yr 3 moOf the original 30-year loan at 4.64%
Interest already paid$58,662Through Dec 2026
Assumption only · ends Mar 2049$110,663
New conventional · ends Jan 2057$118,522