Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,596/mo
+$557/mo- Down payment
- $0
- Funds due
- $9,826
- Interest + MI left
- $381,369
- First ends
- Jan 2053
New loan
New conventional
$2,039/mo
Lowest payment- Down payment
- $26,500
- Funds due
- $34,220
- Interest + MI left
- $348,726
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $290,698 | $238,500 |
| Second mortgage | — | — |
| First P&I | $2,004.68 | $1,615.68 |
| Second P&I | — | — |
| Mortgage insurance | $215.61 | $47.70 |
| Taxes, insurance & HOA | $375.25 | $375.25 |
| Total housing payment | $2,595.54 | $2,038.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,826
Usable credit−$0
Total buyer cash needed$9,826
Earnest money paid−$0
Remaining funds due$9,826
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,650.00
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)$675.75
Prepaid interest, first (5 days)$274.77
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 1 moOf the original 30-year loan at 6.9%
Interest already paid$80,533Through Dec 2026
Assumption only · ends Jan 2053$381,369
New conventional · ends Jan 2057$348,726