Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,162/mo
+$207/mo- Down payment
- $0
- Funds due
- $9,825
- Interest + MI left
- $312,187
- First ends
- Jan 2055
New loan
New conventional
$1,955/mo
Lowest payment- Down payment
- $23,500
- Funds due
- $31,280
- Interest + MI left
- $309,248
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $241,733 | $211,500 |
| Second mortgage | — | — |
| First P&I | $1,568.66 | $1,432.77 |
| Second P&I | — | — |
| Mortgage insurance | $113.28 | $42.30 |
| Taxes, insurance & HOA | $480.00 | $480.00 |
| Total housing payment | $2,161.94 | $1,955.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,825
Usable credit−$0
Total buyer cash needed$9,825
Earnest money paid−$0
Remaining funds due$9,825
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,350.00
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)$282.00
Initial HOA (3 months)$708.00
Prepaid interest, first (6 days)$259.88
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 1 moOf the original 30-year loan at 6.54%
Interest already paid$30,663Through Dec 2026
Assumption only · ends Jan 2055$312,187
New conventional · ends Jan 2057$309,248