Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,018/mo
+$249/mo- Down payment
- $0
- Funds due
- $9,626
- Interest + MI left
- $255,500
- First ends
- Nov 2054
New loan
New conventional
$1,768/mo
Lowest payment- Down payment
- $18,500
- Funds due
- $26,126
- Interest + MI left
- $243,451
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $205,868 | $166,500 |
| Second mortgage | — | — |
| First P&I | $1,313.57 | $1,127.93 |
| Second P&I | — | — |
| Mortgage insurance | $96.76 | $33.30 |
| Taxes, insurance & HOA | $607.25 | $607.25 |
| Total housing payment | $2,017.58 | $1,768.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,626
Usable credit−$0
Total buyer cash needed$9,626
Earnest money paid−$0
Remaining funds due$9,626
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,850.00
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)$471.75
Initial HOA (3 months)$900.00
Prepaid interest, first (5 days)$179.08
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 closing27 yr 11 moOf the original 30-year loan at 6.35%
Interest already paid$27,603Through Dec 2026
Assumption only · ends Nov 2054$255,500
New conventional · ends Jan 2057$243,451