Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,298/mo
+$788/mo- Down payment
- $0
- Funds due
- $8,545
- Interest + MI left
- $394,811
- First ends
- Oct 2054
New loan
New conventional
$1,510/mo
Lowest payment- Down payment
- $20,250
- Funds due
- $26,756
- Interest + MI left
- $276,394
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $288,955 | $182,250 |
| Second mortgage | — | — |
| First P&I | $1,950.47 | $1,261.86 |
| Second P&I | — | — |
| Mortgage insurance | $135.46 | $36.45 |
| Taxes, insurance & HOA | $211.67 | $211.67 |
| Total housing payment | $2,297.60 | $1,509.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$8,545
Usable credit−$0
Total buyer cash needed$8,545
Earnest money paid−$0
Remaining funds due$8,545
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,025.00
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)$185.00
Prepaid interest, first (2 days)$109.57
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 closing27 yr 11 moOf the original 30-year loan at 6.920%
Interest already paid$42,164Through Nov 2026
Assumption only · ends Oct 2054$394,811
New conventional · ends Dec 2056$276,394