Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,159/mo
+$980/mo- Down payment
- $0
- Funds due
- $6,294
- Interest + MI left
- $59,151
- First ends
- Sep 2046
New loan
New conventional
$178/mo
Lowest payment- Down payment
- $390
- Funds due
- $4,861
- Interest + MI left
- $5,323
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $165,567 | $3,510 |
| Second mortgage | — | — |
| First P&I | $865.41 | $24.30 |
| Second P&I | — | — |
| Mortgage insurance | $140.08 | $0.70 |
| Taxes, insurance & HOA | $153.25 | $153.25 |
| Total housing payment | $1,158.74 | $178.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$6,294
Usable credit−$0
Total buyer cash needed$6,294
Earnest money paid−$0
Remaining funds due$6,294
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$39.00
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)$9.75
Prepaid interest, first (2 days)$20.68
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 closing19 yr 10 moOf the original 25-year loan at 2.280%
Interest already paid$21,467Through Nov 2026
Assumption only · ends Sep 2046$59,151
New conventional · ends Dec 2056$5,323