Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,248/mo
+$449/mo- Down payment
- $0
- Funds due
- $9,300
- Interest + MI left
- $341,314
- First ends
- Feb 2055
New loan
New conventional
$1,799/mo
Lowest payment- Down payment
- $20,790
- Funds due
- $28,073
- Interest + MI left
- $283,765
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $249,589 | $187,110 |
| Second mortgage | — | — |
| First P&I | $1,665.12 | $1,295.51 |
| Second P&I | — | — |
| Mortgage insurance | $116.59 | $37.42 |
| Taxes, insurance & HOA | $466.42 | $466.42 |
| Total housing payment | $2,248.12 | $1,799.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,300
Usable credit−$0
Total buyer cash needed$9,300
Earnest money paid−$0
Remaining funds due$9,300
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,079.00
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)$154.25
Initial HOA (3 months)$795.00
Prepaid interest, first (1 days)$46.77
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 closing28 yr 3 moOf the original 30-year loan at 6.840%
Interest already paid$30,182Through Nov 2026
Assumption only · ends Feb 2055$341,314
New conventional · ends Dec 2056$283,765