Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,582/mo
+$61/mo- Down payment
- $0
- Funds due
- $10,438
- Interest + MI left
- $225,466
- First ends
- Jul 2051
New loan
New conventional
$2,521/mo
Lowest payment- Down payment
- $31,800
- Funds due
- $40,143
- Interest + MI left
- $434,042
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $364,671 | $286,200 |
| Second mortgage | — | — |
| First P&I | $1,841.08 | $1,981.59 |
| Second P&I | — | — |
| Mortgage insurance | $258.31 | $57.24 |
| Taxes, insurance & HOA | $482.67 | $482.67 |
| Total housing payment | $2,582.06 | $2,521.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,438
Usable credit−$0
Total buyer cash needed$10,438
Earnest money paid−$0
Remaining funds due$10,438
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,180.00
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)$998.00
Prepaid interest, first (1 days)$34.97
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 closing24 yr 8 moOf the original 30-year loan at 3.500%
Interest already paid$72,500Through Nov 2026
Assumption only · ends Jul 2051$225,466
New conventional · ends Dec 2056$434,042