Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,783/mo
+$2,418/mo- Down payment
- $0
- Funds due
- $6,643
- Interest + MI left
- $502,576
- First ends
- Jan 2056
New loan
New conventional
$365/mo
Lowest payment- Down payment
- $3,200
- Funds due
- $7,950
- Interest + MI left
- $43,677
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $393,779 | $28,800 |
| Second mortgage | — | — |
| First P&I | $2,440.73 | $199.41 |
| Second P&I | — | — |
| Mortgage insurance | $182.26 | $5.76 |
| Taxes, insurance & HOA | $160.33 | $160.33 |
| Total housing payment | $2,783.33 | $365.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$6,643
Usable credit−$0
Total buyer cash needed$6,643
Earnest money paid−$0
Remaining funds due$6,643
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$320.00
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)$31.00
Prepaid interest, first (1 days)$67.10
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 2 moOf the original 30-year loan at 6.220%
Interest already paid$20,522Through Nov 2026
Assumption only · ends Jan 2056$502,576
New conventional · ends Dec 2056$43,677