Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,937/mo
+$18/mo- Down payment
- $0
- Funds due
- $9,422
- Interest + MI left
- $174,564
- First ends
- Feb 2052
New loan
New conventional
$1,919/mo
Lowest payment- Down payment
- $26,500
- Funds due
- $34,050
- Interest + MI left
- $348,726
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $302,888 | $238,500 |
| Second mortgage | — | — |
| First P&I | $1,441.01 | $1,615.68 |
| Second P&I | — | — |
| Mortgage insurance | $239.95 | $47.70 |
| Taxes, insurance & HOA | $256.00 | $256.00 |
| Total housing payment | $1,936.96 | $1,919.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,422
Usable credit−$0
Total buyer cash needed$9,422
Earnest money paid−$0
Remaining funds due$9,422
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,650.00
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)$318.00
Prepaid interest, first (9 days)$229.28
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 2 moOf the original 30-year loan at 3.07%
Interest already paid$47,716Through Dec 2026
Assumption only · ends Feb 2052$174,564
New conventional · ends Jan 2057$348,726