Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,562/mo
Lowest payment- Down payment
- $0
- Funds due
- $8,920
- Interest + MI left
- $131,399
- First ends
- Sep 2051
New loan
New conventional
$1,652/mo
+$90/mo- Down payment
- $22,500
- Funds due
- $29,579
- Interest + MI left
- $296,088
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $237,487 | $202,500 |
| Second mortgage | — | — |
| First P&I | $1,131.37 | $1,371.81 |
| Second P&I | — | — |
| Mortgage insurance | $190.57 | $40.50 |
| Taxes, insurance & HOA | $240.00 | $240.00 |
| Total housing payment | $1,561.94 | $1,652.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$8,920
Usable credit−$0
Total buyer cash needed$8,920
Earnest money paid−$0
Remaining funds due$8,920
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,250.00
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)$270.00
Prepaid interest, first (9 days)$174.50
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 closing24 yr 9 moOf the original 30-year loan at 2.98%
Interest already paid$39,726Through Dec 2026
Assumption only · ends Sep 2051$131,399
New conventional · ends Jan 2057$296,088