Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,274/mo
+$425/mo- Down payment
- $0
- Funds due
- $11,301
- Interest + MI left
- $547,962
- First ends
- Sep 2055
New loan
New conventional
$2,849/mo
Lowest payment- Down payment
- $38,100
- Funds due
- $47,193
- Interest + MI left
- $495,540
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $397,088 | $342,900 |
| Second mortgage | — | — |
| First P&I | $2,615.80 | $2,306.71 |
| Second P&I | — | — |
| Mortgage insurance | $184.47 | $68.58 |
| Taxes, insurance & HOA | $473.83 | $473.83 |
| Total housing payment | $3,274.10 | $2,849.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,301
Usable credit−$0
Total buyer cash needed$11,301
Earnest money paid−$0
Remaining funds due$11,301
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,810.00
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)$971.50
Prepaid interest, first (4 days)$294.61
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 9 moOf the original 30-year loan at 6.77%
Interest already paid$33,850Through Dec 2026
Assumption only · ends Sep 2055$547,962
New conventional · ends Jan 2057$495,540