Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,135/mo
+$432/mo- Down payment
- $0
- Funds due
- $8,860
- Interest + MI left
- $360,606
- First ends
- Nov 2054
New loan
New conventional
$1,703/mo
Lowest payment- Down payment
- $23,000
- Funds due
- $29,814
- Interest + MI left
- $313,929
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $266,021 | $207,000 |
| Second mortgage | — | — |
| First P&I | $1,781.70 | $1,433.23 |
| Second P&I | — | — |
| Mortgage insurance | $124.62 | $41.40 |
| Taxes, insurance & HOA | $228.25 | $228.25 |
| Total housing payment | $2,134.58 | $1,702.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$8,860
Usable credit−$0
Total buyer cash needed$8,860
Earnest money paid−$0
Remaining funds due$8,860
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,300.00
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)$234.75
Prepaid interest, first (2 days)$99.85
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 closing28 yrOf the original 30-year loan at 6.850%
Interest already paid$36,874Through Nov 2026
Assumption only · ends Nov 2054$360,606
New conventional · ends Dec 2056$313,929