Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,127/mo
+$1,493/mo- Down payment
- $0
- Funds due
- $8,973
- Interest + MI left
- $518,055
- First ends
- Feb 2055
New loan
New conventional
$1,634/mo
Lowest payment- Down payment
- $20,000
- Funds due
- $26,902
- Interest + MI left
- $272,982
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $401,780 | $180,000 |
| Second mortgage | — | — |
| First P&I | $2,591.48 | $1,246.28 |
| Second P&I | — | — |
| Mortgage insurance | $184.15 | $36.00 |
| Taxes, insurance & HOA | $351.50 | $351.50 |
| Total housing payment | $3,127.13 | $1,633.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$8,973
Usable credit−$0
Total buyer cash needed$8,973
Earnest money paid−$0
Remaining funds due$8,973
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,000.00
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)$604.50
Prepaid interest, first (2 days)$143.10
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 3 moOf the original 30-year loan at 6.500%
Interest already paid$46,201Through Nov 2026
Assumption only · ends Feb 2055$518,055
New conventional · ends Dec 2056$272,982