Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,250/mo
+$354/mo- Down payment
- $0
- Funds due
- $9,548
- Interest + MI left
- $370,975
- First ends
- Oct 2055
New loan
New conventional
$1,896/mo
Lowest payment- Down payment
- $24,500
- Funds due
- $31,972
- Interest + MI left
- $322,406
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $269,260 | $220,499 |
| Second mortgage | — | — |
| First P&I | $1,766.76 | $1,493.74 |
| Second P&I | — | — |
| Mortgage insurance | $124.98 | $44.10 |
| Taxes, insurance & HOA | $358.25 | $358.25 |
| Total housing payment | $2,249.99 | $1,896.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,548
Usable credit−$0
Total buyer cash needed$9,548
Earnest money paid−$0
Remaining funds due$9,548
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,449.99
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)$624.75
Prepaid interest, first (5 days)$248.60
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 10 moOf the original 30-year loan at 6.74%
Interest already paid$21,318Through Dec 2026
Assumption only · ends Oct 2055$370,975
New conventional · ends Jan 2057$322,406