Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,037/mo
+$479/mo- Down payment
- $0
- Funds due
- $10,700
- Interest + MI left
- $270,502
- First ends
- Nov 2048
New loan
New conventional
$2,558/mo
Lowest payment- Down payment
- $33,780
- Funds due
- $42,406
- Interest + MI left
- $444,526
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $380,034 | $304,019 |
| Second mortgage | — | — |
| First P&I | $2,281.61 | $2,059.53 |
| Second P&I | — | — |
| Mortgage insurance | $317.84 | $60.80 |
| Taxes, insurance & HOA | $437.17 | $437.17 |
| Total housing payment | $3,036.63 | $2,557.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,700
Usable credit−$0
Total buyer cash needed$10,700
Earnest money paid−$0
Remaining funds due$10,700
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,377.99
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)$861.50
Prepaid interest, first (5 days)$235.83
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 closing21 yr 11 moOf the original 30-year loan at 4.53%
Interest already paid$152,629Through Dec 2026
Assumption only · ends Nov 2048$270,502
New conventional · ends Jan 2057$444,526