Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,415/mo
+$924/mo- Down payment
- $0
- Funds due
- $9,019
- Interest + MI left
- $43,793
- First ends
- Nov 2037
New loan
New conventional
$1,491/mo
Lowest payment- Down payment
- $14,990
- Funds due
- $22,123
- Interest + MI left
- $197,261
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $192,897 | $134,910 |
| Second mortgage | — | — |
| First P&I | $1,728.58 | $913.93 |
| Second P&I | — | — |
| Mortgage insurance | $136.64 | $26.98 |
| Taxes, insurance & HOA | $550.00 | $550.00 |
| Total housing payment | $2,415.21 | $1,490.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,019
Usable credit−$0
Total buyer cash needed$9,019
Earnest money paid−$0
Remaining funds due$9,019
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,499.00
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)$180.00
Initial HOA (3 months)$1,020.00
Prepaid interest, first (6 days)$95.13
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 closing10 yr 11 moOf the original 30-year loan at 3%
Interest already paid$178,741Through Dec 2026
Assumption only · ends Nov 2037$43,793
New conventional · ends Jan 2057$197,261