Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,358/mo
+$109/mo- Down payment
- $0
- Funds due
- $8,117
- Interest + MI left
- $213,102
- First ends
- Mar 2056
New loan
New conventional
$1,248/mo
Lowest payment- Down payment
- $15,490
- Funds due
- $21,652
- Interest + MI left
- $211,425
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $165,866 | $139,410 |
| Second mortgage | — | — |
| First P&I | $1,026.01 | $965.25 |
| Second P&I | — | — |
| Mortgage insurance | $76.62 | $27.88 |
| Taxes, insurance & HOA | $254.92 | $254.92 |
| Total housing payment | $1,357.54 | $1,248.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$8,117
Usable credit−$0
Total buyer cash needed$8,117
Earnest money paid−$0
Remaining funds due$8,117
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,549.00
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)$149.75
Initial HOA (3 months)$165.00
Prepaid interest, first (1 days)$28.27
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 closing29 yr 4 moOf the original 30-year loan at 6.220%
Interest already paid$6,908Through Nov 2026
Assumption only · ends Mar 2056$213,102
New conventional · ends Dec 2056$211,425