Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,319/mo
+$832/mo- Down payment
- $0
- Funds due
- $10,625
- Interest + MI left
- $596,168
- First ends
- Sep 2055
New loan
New conventional
$2,487/mo
Lowest payment- Down payment
- $35,000
- Funds due
- $43,367
- Interest + MI left
- $460,582
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $426,335 | $315,000 |
| Second mortgage | — | — |
| First P&I | $2,830.92 | $2,133.92 |
| Second P&I | — | — |
| Mortgage insurance | $198.01 | $63.00 |
| Taxes, insurance & HOA | $290.00 | $290.00 |
| Total housing payment | $3,318.93 | $2,486.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,625
Usable credit−$0
Total buyer cash needed$10,625
Earnest money paid−$0
Remaining funds due$10,625
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
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)$420.00
Prepaid interest, first (6 days)$480.06
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 9 moOf the original 30-year loan at 6.85%
Interest already paid$36,768Through Dec 2026
Assumption only · ends Sep 2055$596,168
New conventional · ends Jan 2057$460,582