Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,351/mo
+$189/mo- Down payment
- $0
- Funds due
- $9,590
- Interest + MI left
- $306,732
- First ends
- Aug 2052
New loan
New conventional
$2,162/mo
Lowest payment- Down payment
- $29,900
- Funds due
- $37,410
- Interest + MI left
- $408,108
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $316,530 | $269,100 |
| Second mortgage | — | — |
| First P&I | $1,866.40 | $1,863.19 |
| Second P&I | — | — |
| Mortgage insurance | $239.95 | $53.82 |
| Taxes, insurance & HOA | $244.83 | $244.83 |
| Total housing payment | $2,351.18 | $2,161.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,590
Usable credit−$0
Total buyer cash needed$9,590
Earnest money paid−$0
Remaining funds due$9,590
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,990.00
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)$284.50
Prepaid interest, first (2 days)$90.71
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 closing25 yr 9 moOf the original 30-year loan at 5.230%
Interest already paid$72,966Through Nov 2026
Assumption only · ends Aug 2052$306,732
New conventional · ends Dec 2056$408,108