Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,317/mo
Lowest payment- Down payment
- $0
- Funds due
- $10,134
- Interest + MI left
- $209,782
- First ends
- Jul 2051
New loan
New conventional
$2,520/mo
+$202/mo- Down payment
- $34,999
- Funds due
- $43,015
- Interest + MI left
- $477,705
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $362,974 | $314,991 |
| Second mortgage | — | — |
| First P&I | $1,784.35 | $2,180.93 |
| Second P&I | — | — |
| Mortgage insurance | $257.11 | $63.00 |
| Taxes, insurance & HOA | $275.75 | $275.75 |
| Total housing payment | $2,317.20 | $2,519.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,134
Usable credit−$0
Total buyer cash needed$10,134
Earnest money paid−$0
Remaining funds due$10,134
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,499.90
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)$377.25
Prepaid interest, first (1 days)$32.32
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 3.250%
Interest already paid$67,172Through Nov 2026
Assumption only · ends Jul 2051$209,782
New conventional · ends Dec 2056$477,705