Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,613/mo
+$18/mo- Down payment
- $0
- Funds due
- $8,739
- Interest + MI left
- $136,391
- First ends
- Feb 2052
New loan
New conventional
$1,595/mo
Lowest payment- Down payment
- $19,950
- Funds due
- $26,706
- Interest + MI left
- $272,300
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $233,323 | $179,550 |
| Second mortgage | — | — |
| First P&I | $1,112.51 | $1,243.17 |
| Second P&I | — | — |
| Mortgage insurance | $184.31 | $35.91 |
| Taxes, insurance & HOA | $316.25 | $316.25 |
| Total housing payment | $1,613.07 | $1,595.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$8,739
Usable credit−$0
Total buyer cash needed$8,739
Earnest money paid−$0
Remaining funds due$8,739
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,995.00
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)$498.75
Prepaid interest, first (1 days)$19.88
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 3 moOf the original 30-year loan at 3.110%
Interest already paid$36,536Through Nov 2026
Assumption only · ends Feb 2052$136,391
New conventional · ends Dec 2056$272,300