Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,145/mo
+$437/mo- Down payment
- $0
- Funds due
- $10,539
- Interest + MI left
- $510,520
- First ends
- Oct 2053
New loan
New conventional
$2,708/mo
Lowest payment- Down payment
- $38,000
- Funds due
- $46,349
- Interest + MI left
- $518,666
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $397,042 | $342,000 |
| Second mortgage | — | — |
| First P&I | $2,684.83 | $2,367.94 |
| Second P&I | — | — |
| Mortgage insurance | $188.56 | $68.40 |
| Taxes, insurance & HOA | $271.83 | $271.83 |
| Total housing payment | $3,145.22 | $2,708.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,539
Usable credit−$0
Total buyer cash needed$10,539
Earnest money paid−$0
Remaining funds due$10,539
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,800.00
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)$365.50
Prepaid interest, first (2 days)$148.16
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 closing26 yr 11 moOf the original 30-year loan at 6.810%
Interest already paid$84,971Through Nov 2026
Assumption only · ends Oct 2053$510,520
New conventional · ends Dec 2056$518,666