Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,275/mo
+$558/mo- Down payment
- $0
- Funds due
- $9,625
- Interest + MI left
- $339,803
- First ends
- Feb 2055
New loan
New conventional
$1,717/mo
Lowest payment- Down payment
- $19,500
- Funds due
- $27,020
- Interest + MI left
- $256,610
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $249,347 | $175,500 |
| Second mortgage | — | — |
| First P&I | $1,665.12 | $1,188.90 |
| Second P&I | — | — |
| Mortgage insurance | $116.59 | $35.10 |
| Taxes, insurance & HOA | $493.00 | $493.00 |
| Total housing payment | $2,274.71 | $1,717.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,625
Usable credit−$0
Total buyer cash needed$9,625
Earnest money paid−$0
Remaining funds due$9,625
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,950.00
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)$234.00
Initial HOA (3 months)$795.00
Prepaid interest, first (9 days)$420.54
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 2 moOf the original 30-year loan at 6.84%
Interest already paid$31,604Through Dec 2026
Assumption only · ends Feb 2055$339,803
New conventional · ends Jan 2057$256,610