Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,493/mo
Lowest payment- Down payment
- $0
- Funds due
- $10,762
- Interest + MI left
- $200,297
- First ends
- Dec 2051
New loan
New conventional
$2,694/mo
+$200/mo- Down payment
- $33,830
- Funds due
- $42,486
- Interest + MI left
- $461,749
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $356,519 | $304,470 |
| Second mortgage | — | — |
| First P&I | $1,685.03 | $2,108.09 |
| Second P&I | — | — |
| Mortgage insurance | $283.46 | $60.89 |
| Taxes, insurance & HOA | $524.92 | $524.92 |
| Total housing payment | $2,493.40 | $2,693.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,762
Usable credit−$0
Total buyer cash needed$10,762
Earnest money paid−$0
Remaining funds due$10,762
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,383.00
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)$1,124.75
Prepaid interest, first (1 days)$29.21
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 1 moOf the original 30-year loan at 2.990%
Interest already paid$55,754Through Nov 2026
Assumption only · ends Dec 2051$200,297
New conventional · ends Dec 2056$461,749