Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,493/mo
+$198/mo- Down payment
- $0
- Funds due
- $8,322
- Interest + MI left
- $133,827
- First ends
- Mar 2052
New loan
New conventional
$1,296/mo
Lowest payment- Down payment
- $17,160
- Funds due
- $23,609
- Interest + MI left
- $225,817
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $229,570 | $154,440 |
| Second mortgage | — | — |
| First P&I | $1,093.41 | $1,046.23 |
| Second P&I | — | — |
| Mortgage insurance | $181.37 | $30.89 |
| Taxes, insurance & HOA | $218.67 | $218.67 |
| Total housing payment | $1,493.45 | $1,295.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$8,322
Usable credit−$0
Total buyer cash needed$8,322
Earnest money paid−$0
Remaining funds due$8,322
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)$206.00
Prepaid interest, first (9 days)$175.48
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 3 moOf the original 30-year loan at 3.1%
Interest already paid$35,836Through Dec 2026
Assumption only · ends Mar 2052$133,827
New conventional · ends Jan 2057$225,817