Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,480/mo
+$395/mo- Down payment
- $0
- Funds due
- $9,818
- Interest + MI left
- $421,623
- First ends
- May 2055
New loan
New conventional
$2,086/mo
Lowest payment- Down payment
- $28,990
- Funds due
- $36,680
- Interest + MI left
- $381,494
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $316,579 | $260,910 |
| Second mortgage | — | — |
| First P&I | $2,066.55 | $1,767.50 |
| Second P&I | — | — |
| Mortgage insurance | $147.69 | $52.18 |
| Taxes, insurance & HOA | $266.00 | $266.00 |
| Total housing payment | $2,480.24 | $2,085.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,818
Usable credit−$0
Total buyer cash needed$9,818
Earnest money paid−$0
Remaining funds due$9,818
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,899.00
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)$348.00
Prepaid interest, first (6 days)$345.55
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 5 moOf the original 30-year loan at 6.64%
Interest already paid$33,602Through Dec 2026
Assumption only · ends May 2055$421,623
New conventional · ends Jan 2057$381,494