Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,217/mo
+$358/mo- Down payment
- $0
- Funds due
- $9,416
- Interest + MI left
- $242,484
- First ends
- Jun 2052
New loan
New conventional
$1,859/mo
Lowest payment- Down payment
- $25,600
- Funds due
- $33,044
- Interest + MI left
- $336,883
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $327,892 | $230,400 |
| Second mortgage | — | — |
| First P&I | $1,711.00 | $1,560.81 |
| Second P&I | — | — |
| Mortgage insurance | $253.86 | $46.08 |
| Taxes, insurance & HOA | $252.42 | $252.42 |
| Total housing payment | $2,217.27 | $1,859.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,416
Usable credit−$0
Total buyer cash needed$9,416
Earnest money paid−$0
Remaining funds due$9,416
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)$307.25
Prepaid interest, first (9 days)$323.40
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 6 moOf the original 30-year loan at 4%
Interest already paid$61,898Through Dec 2026
Assumption only · ends Jun 2052$242,484
New conventional · ends Jan 2057$336,883