Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,502/mo
Lowest payment- Down payment
- $0
- Funds due
- $9,051
- Interest + MI left
- $110,915
- First ends
- Mar 2052
New loan
New conventional
$1,663/mo
+$161/mo- Down payment
- $18,900
- Funds due
- $25,999
- Interest + MI left
- $257,968
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $189,679 | $170,100 |
| Second mortgage | — | — |
| First P&I | $901.45 | $1,177.74 |
| Second P&I | — | — |
| Mortgage insurance | $149.53 | $34.02 |
| Taxes, insurance & HOA | $451.25 | $451.25 |
| Total housing payment | $1,502.24 | $1,663.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,051
Usable credit−$0
Total buyer cash needed$9,051
Earnest money paid−$0
Remaining funds due$9,051
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,890.00
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)$903.75
Prepaid interest, first (2 days)$32.22
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 4 moOf the original 30-year loan at 3.100%
Interest already paid$29,055Through Nov 2026
Assumption only · ends Mar 2052$110,915
New conventional · ends Dec 2056$257,968