Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,836/mo
+$351/mo- Down payment
- $0
- Funds due
- $8,840
- Interest + MI left
- $310,680
- First ends
- Nov 2055
New loan
New conventional
$1,485/mo
Lowest payment- Down payment
- $20,000
- Funds due
- $26,784
- Interest + MI left
- $263,190
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $234,076 | $180,000 |
| Second mortgage | — | — |
| First P&I | $1,497.70 | $1,219.38 |
| Second P&I | — | — |
| Mortgage insurance | $108.60 | $36.00 |
| Taxes, insurance & HOA | $230.00 | $230.00 |
| Total housing payment | $1,836.31 | $1,485.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$8,840
Usable credit−$0
Total buyer cash needed$8,840
Earnest money paid−$0
Remaining funds due$8,840
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,000.00
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)$240.00
Prepaid interest, first (9 days)$375.16
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 11 moOf the original 30-year loan at 6.5%
Interest already paid$16,593Through Dec 2026
Assumption only · ends Nov 2055$310,680
New conventional · ends Jan 2057$263,190