Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,400/mo
+$527/mo- Down payment
- $0
- Funds due
- $9,332
- Interest + MI left
- $387,506
- First ends
- Jan 2054
New loan
New conventional
$1,872/mo
Lowest payment- Down payment
- $23,500
- Funds due
- $30,773
- Interest + MI left
- $320,754
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $262,620 | $211,500 |
| Second mortgage | — | — |
| First P&I | $1,910.24 | $1,464.38 |
| Second P&I | — | — |
| Mortgage insurance | $123.76 | $42.30 |
| Taxes, insurance & HOA | $365.67 | $365.67 |
| Total housing payment | $2,399.67 | $1,872.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,332
Usable credit−$0
Total buyer cash needed$9,332
Earnest money paid−$0
Remaining funds due$9,332
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,350.00
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)$647.00
Prepaid interest, first (2 days)$109.65
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 2 moOf the original 30-year loan at 7.620%
Interest already paid$57,550Through Nov 2026
Assumption only · ends Jan 2054$387,506
New conventional · ends Dec 2056$320,754