Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,430/mo
+$307/mo- Down payment
- $0
- Funds due
- $9,425
- Interest + MI left
- $275,897
- First ends
- Jul 2052
New loan
New conventional
$2,123/mo
Lowest payment- Down payment
- $29,900
- Funds due
- $37,239
- Interest + MI left
- $408,108
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $376,519 | $269,100 |
| Second mortgage | — | — |
| First P&I | $1,957.40 | $1,863.19 |
| Second P&I | — | — |
| Mortgage insurance | $266.70 | $53.82 |
| Taxes, insurance & HOA | $206.17 | $206.17 |
| Total housing payment | $2,430.27 | $2,123.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,425
Usable credit−$0
Total buyer cash needed$9,425
Earnest money paid−$0
Remaining funds due$9,425
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,990.00
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)$168.50
Prepaid interest, first (1 days)$41.26
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 4.000%
Interest already paid$68,304Through Nov 2026
Assumption only · ends Jul 2052$275,897
New conventional · ends Dec 2056$408,108