Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$897/mo
+$480/mo- Down payment
- $0
- Funds due
- $6,766
- Interest + MI left
- $40,615
- First ends
- Oct 2041
New loan
New conventional
$417/mo
Lowest payment- Down payment
- $4,000
- Funds due
- $8,897
- Interest + MI left
- $52,638
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $82,950 | $36,000 |
| Second mortgage | — | — |
| First P&I | $641.68 | $243.88 |
| Second P&I | — | — |
| Mortgage insurance | $89.18 | $7.20 |
| Taxes, insurance & HOA | $166.00 | $166.00 |
| Total housing payment | $896.86 | $417.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$6,766
Usable credit−$0
Total buyer cash needed$6,766
Earnest money paid−$0
Remaining funds due$6,766
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$400.00
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)$48.00
Prepaid interest, first (9 days)$93.06
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 closing14 yr 10 moOf the original 30-year loan at 4.55%
Interest already paid$73,832Through Dec 2026
Assumption only · ends Oct 2041$40,615
New conventional · ends Jan 2057$52,638