Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,457/mo
+$655/mo- Down payment
- $0
- Funds due
- $10,659
- Interest + MI left
- $544,412
- First ends
- Jan 2053
New loan
New conventional
$2,802/mo
Lowest payment- Down payment
- $38,990
- Funds due
- $47,452
- Interest + MI left
- $532,179
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $413,462 | $350,910 |
| Second mortgage | — | — |
| First P&I | $2,848.03 | $2,429.63 |
| Second P&I | — | — |
| Mortgage insurance | $306.31 | $70.18 |
| Taxes, insurance & HOA | $302.25 | $302.25 |
| Total housing payment | $3,456.59 | $2,802.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,659
Usable credit−$0
Total buyer cash needed$10,659
Earnest money paid−$0
Remaining funds due$10,659
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,899.00
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)$456.75
Prepaid interest, first (1 days)$78.16
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 closing26 yr 2 moOf the original 30-year loan at 6.900%
Interest already paid$112,035Through Nov 2026
Assumption only · ends Jan 2053$544,412
New conventional · ends Dec 2056$532,179