Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,404/mo
+$537/mo- Down payment
- $0
- Funds due
- $9,358
- Interest + MI left
- $184,073
- First ends
- Oct 2050
New loan
New conventional
$1,868/mo
Lowest payment- Down payment
- $22,500
- Funds due
- $29,857
- Interest + MI left
- $307,105
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $353,731 | $202,500 |
| Second mortgage | — | — |
| First P&I | $1,728.58 | $1,402.07 |
| Second P&I | — | — |
| Mortgage insurance | $250.56 | $40.50 |
| Taxes, insurance & HOA | $425.00 | $425.00 |
| Total housing payment | $2,404.14 | $1,867.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,358
Usable credit−$0
Total buyer cash needed$9,358
Earnest money paid−$0
Remaining funds due$9,358
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,250.00
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)$825.00
Prepaid interest, first (2 days)$58.15
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 closing23 yr 11 moOf the original 30-year loan at 3.000%
Interest already paid$69,917Through Nov 2026
Assumption only · ends Oct 2050$184,073
New conventional · ends Dec 2056$307,105