Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,527/mo
+$429/mo- Down payment
- $0
- Funds due
- $9,822
- Interest + MI left
- $376,634
- First ends
- Sep 2054
New loan
New conventional
$2,099/mo
Lowest payment- Down payment
- $25,500
- Funds due
- $33,255
- Interest + MI left
- $348,052
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $296,724 | $229,500 |
| Second mortgage | — | — |
| First P&I | $1,923.91 | $1,589.01 |
| Second P&I | — | — |
| Mortgage insurance | $139.51 | $45.90 |
| Taxes, insurance & HOA | $463.92 | $463.92 |
| Total housing payment | $2,527.34 | $2,098.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,822
Usable credit−$0
Total buyer cash needed$9,822
Earnest money paid−$0
Remaining funds due$9,822
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,550.00
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)$941.75
Prepaid interest, first (2 days)$105.68
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 closing27 yr 10 moOf the original 30-year loan at 6.500%
Interest already paid$42,361Through Nov 2026
Assumption only · ends Sep 2054$376,634
New conventional · ends Dec 2056$348,052