Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,964/mo
+$30/mo- Down payment
- $0
- Funds due
- $9,247
- Interest + MI left
- $239,344
- First ends
- Jul 2052
New loan
New conventional
$1,934/mo
Lowest payment- Down payment
- $26,000
- Funds due
- $33,211
- Interest + MI left
- $354,877
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $260,295 | $234,000 |
| Second mortgage | — | — |
| First P&I | $1,498.81 | $1,620.17 |
| Second P&I | — | — |
| Mortgage insurance | $198.22 | $46.80 |
| Taxes, insurance & HOA | $267.00 | $267.00 |
| Total housing payment | $1,964.02 | $1,933.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,247
Usable credit−$0
Total buyer cash needed$9,247
Earnest money paid−$0
Remaining funds due$9,247
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,600.00
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)$351.00
Prepaid interest, first (2 days)$71.03
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 closing25 yr 8 moOf the original 30-year loan at 4.980%
Interest already paid$58,396Through Nov 2026
Assumption only · ends Jul 2052$239,344
New conventional · ends Dec 2056$354,877