Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,289/mo
+$928/mo- Down payment
- $0
- Funds due
- $8,409
- Interest + MI left
- $138,661
- First ends
- Apr 2047
New loan
New conventional
$1,361/mo
Lowest payment- Down payment
- $15,990
- Funds due
- $22,442
- Interest + MI left
- $218,249
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $316,393 | $143,910 |
| Second mortgage | — | — |
| First P&I | $1,728.58 | $996.40 |
| Second P&I | — | — |
| Mortgage insurance | $224.11 | $28.78 |
| Taxes, insurance & HOA | $336.25 | $336.25 |
| Total housing payment | $2,288.94 | $1,361.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$8,409
Usable credit−$0
Total buyer cash needed$8,409
Earnest money paid−$0
Remaining funds due$8,409
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,599.00
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)$558.75
Prepaid interest, first (1 days)$26.00
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 closing20 yr 5 moOf the original 30-year loan at 3.000%
Interest already paid$105,179Through Nov 2026
Assumption only · ends Apr 2047$138,661
New conventional · ends Dec 2056$218,249