Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,582/mo
Lowest payment- Down payment
- $0
- Funds due
- $10,876
- Interest + MI left
- $249,988
- First ends
- Jun 2052
New loan
New conventional
$2,682/mo
+$100/mo- Down payment
- $32,300
- Funds due
- $41,074
- Interest + MI left
- $440,866
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $324,737 | $290,700 |
| Second mortgage | — | — |
| First P&I | $1,720.33 | $2,012.75 |
| Second P&I | — | — |
| Mortgage insurance | $250.38 | $58.14 |
| Taxes, insurance & HOA | $611.17 | $611.17 |
| Total housing payment | $2,581.88 | $2,682.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,876
Usable credit−$0
Total buyer cash needed$10,876
Earnest money paid−$0
Remaining funds due$10,876
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,230.00
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)$1,383.50
Prepaid interest, first (1 days)$37.01
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 7 moOf the original 30-year loan at 4.160%
Interest already paid$62,436Through Nov 2026
Assumption only · ends Jun 2052$249,988
New conventional · ends Dec 2056$440,866