Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,167/mo
+$99/mo- Down payment
- $0
- Funds due
- $9,810
- Interest + MI left
- $474,868
- First ends
- Dec 2064
New loan
New conventional
$2,069/mo
Lowest payment- Down payment
- $24,500
- Funds due
- $32,263
- Interest + MI left
- $334,403
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $270,491 | $220,500 |
| Second mortgage | — | — |
| First P&I | $1,544.04 | $1,526.70 |
| Second P&I | — | — |
| Mortgage insurance | $125.43 | $44.10 |
| Taxes, insurance & HOA | $497.75 | $497.75 |
| Total housing payment | $2,167.22 | $2,068.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,810
Usable credit−$0
Total buyer cash needed$9,810
Earnest money paid−$0
Remaining funds due$9,810
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,450.00
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)$1,043.25
Prepaid interest, first (2 days)$91.89
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 closing38 yr 1 moOf the original 40-year loan at 6.200%
Interest already paid$32,344Through Nov 2026
Assumption only · ends Dec 2064$474,868
New conventional · ends Dec 2056$334,403