Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,152/mo
+$324/mo- Down payment
- $0
- Funds due
- $8,934
- Interest + MI left
- $243,749
- First ends
- Jun 2052
New loan
New conventional
$1,829/mo
Lowest payment- Down payment
- $25,600
- Funds due
- $32,488
- Interest + MI left
- $349,417
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $328,508 | $230,400 |
| Second mortgage | — | — |
| First P&I | $1,711.00 | $1,595.24 |
| Second P&I | — | — |
| Mortgage insurance | $253.86 | $46.08 |
| Taxes, insurance & HOA | $187.50 | $187.50 |
| Total housing payment | $2,152.36 | $1,828.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$8,934
Usable credit−$0
Total buyer cash needed$8,934
Earnest money paid−$0
Remaining funds due$8,934
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,560.00
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)$112.50
Prepaid interest, first (1 days)$36.00
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 4.000%
Interest already paid$60,803Through Nov 2026
Assumption only · ends Jun 2052$243,749
New conventional · ends Dec 2056$349,417