Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,457/mo
+$175/mo- Down payment
- $0
- Funds due
- $8,056
- Interest + MI left
- $134,533
- First ends
- Mar 2052
New loan
New conventional
$1,282/mo
Lowest payment- Down payment
- $17,160
- Funds due
- $23,256
- Interest + MI left
- $234,219
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $230,069 | $154,440 |
| Second mortgage | — | — |
| First P&I | $1,093.41 | $1,069.31 |
| Second P&I | — | — |
| Mortgage insurance | $181.37 | $30.89 |
| Taxes, insurance & HOA | $181.75 | $181.75 |
| Total housing payment | $1,456.53 | $1,281.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$8,056
Usable credit−$0
Total buyer cash needed$8,056
Earnest money paid−$0
Remaining funds due$8,056
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,716.00
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)$95.25
Prepaid interest, first (1 days)$19.54
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 4 moOf the original 30-year loan at 3.100%
Interest already paid$35,242Through Nov 2026
Assumption only · ends Mar 2052$134,533
New conventional · ends Dec 2056$234,219