Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,267/mo
+$148/mo- Down payment
- $0
- Funds due
- $9,407
- Interest + MI left
- $310,346
- First ends
- Oct 2052
New loan
New conventional
$2,119/mo
Lowest payment- Down payment
- $30,000
- Funds due
- $37,316
- Interest + MI left
- $409,473
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $307,303 | $270,000 |
| Second mortgage | — | — |
| First P&I | $1,839.53 | $1,869.43 |
| Second P&I | — | — |
| Mortgage insurance | $231.79 | $54.00 |
| Taxes, insurance & HOA | $195.50 | $195.50 |
| Total housing payment | $2,266.82 | $2,118.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,407
Usable credit−$0
Total buyer cash needed$9,407
Earnest money paid−$0
Remaining funds due$9,407
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,000.00
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)$136.50
Prepaid interest, first (1 days)$45.55
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 11 moOf the original 30-year loan at 5.410%
Interest already paid$70,212Through Nov 2026
Assumption only · ends Oct 2052$310,346
New conventional · ends Dec 2056$409,473