Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,964/mo
+$778/mo- Down payment
- $0
- Funds due
- $9,523
- Interest + MI left
- $558,558
- First ends
- Jul 2056
New loan
New conventional
$2,186/mo
Lowest payment- Down payment
- $31,199
- Funds due
- $38,595
- Interest + MI left
- $425,838
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $408,505 | $280,791 |
| Second mortgage | — | — |
| First P&I | $2,591.48 | $1,944.14 |
| Second P&I | — | — |
| Mortgage insurance | $187.23 | $56.16 |
| Taxes, insurance & HOA | $185.25 | $185.25 |
| Total housing payment | $2,963.96 | $2,185.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,523
Usable credit−$0
Total buyer cash needed$9,523
Earnest money paid−$0
Remaining funds due$9,523
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,119.90
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)$105.75
Prepaid interest, first (1 days)$72.75
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 6.500%
Interest already paid$8,871Through Nov 2026
Assumption only · ends Jul 2056$558,558
New conventional · ends Dec 2056$425,838