Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,328/mo
+$165/mo- Down payment
- $0
- Funds due
- $7,894
- Interest + MI left
- $112,210
- First ends
- Dec 2051
New loan
New conventional
$1,163/mo
Lowest payment- Down payment
- $15,000
- Funds due
- $20,955
- Interest + MI left
- $204,737
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $206,119 | $135,000 |
| Second mortgage | — | — |
| First P&I | $962.44 | $934.71 |
| Second P&I | — | — |
| Mortgage insurance | $164.21 | $27.00 |
| Taxes, insurance & HOA | $200.92 | $200.92 |
| Total housing payment | $1,327.56 | $1,162.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$7,894
Usable credit−$0
Total buyer cash needed$7,894
Earnest money paid−$0
Remaining funds due$7,894
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,500.00
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)$152.75
Prepaid interest, first (1 days)$16.26
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 1 moOf the original 30-year loan at 2.880%
Interest already paid$31,080Through Nov 2026
Assumption only · ends Dec 2051$112,210
New conventional · ends Dec 2056$204,737