Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,212/mo
+$1,886/mo- Down payment
- $0
- Funds due
- $6,596
- Interest + MI left
- $344,516
- First ends
- Jul 2056
New loan
New conventional
$326/mo
Lowest payment- Down payment
- $2,190
- Funds due
- $6,922
- Interest + MI left
- $29,892
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $355,232 | $19,710 |
| Second mortgage | — | — |
| First P&I | $1,862.49 | $136.47 |
| Second P&I | — | — |
| Mortgage insurance | $163.64 | $3.94 |
| Taxes, insurance & HOA | $185.42 | $185.42 |
| Total housing payment | $2,211.55 | $325.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$6,596
Usable credit−$0
Total buyer cash needed$6,596
Earnest money paid−$0
Remaining funds due$6,596
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$219.00
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)$106.25
Prepaid interest, first (1 days)$46.23
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 8 moOf the original 30-year loan at 4.750%
Interest already paid$5,642Through Nov 2026
Assumption only · ends Jul 2056$344,516
New conventional · ends Dec 2056$29,892