Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$828/mo
+$361/mo- Down payment
- $0
- Funds due
- $6,753
- Interest + MI left
- $64,089
- First ends
- Nov 2049
New loan
New conventional
$467/mo
Lowest payment- Down payment
- $4,700
- Funds due
- $9,604
- Interest + MI left
- $64,149
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $108,445 | $42,299 |
| Second mortgage | — | — |
| First P&I | $572.03 | $292.87 |
| Second P&I | — | — |
| Mortgage insurance | $90.35 | $8.46 |
| Taxes, insurance & HOA | $165.75 | $165.75 |
| Total housing payment | $828.12 | $467.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$6,753
Usable credit−$0
Total buyer cash needed$6,753
Earnest money paid−$0
Remaining funds due$6,753
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$469.99
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)$47.25
Prepaid interest, first (1 days)$10.37
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 closing23 yrOf the original 30-year loan at 3.490%
Interest already paid$28,949Through Nov 2026
Assumption only · ends Nov 2049$64,089
New conventional · ends Dec 2056$64,149