Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,422/mo
+$316/mo- Down payment
- $0
- Funds due
- $9,824
- Interest + MI left
- $211,699
- First ends
- Feb 2052
New loan
New conventional
$2,106/mo
Lowest payment- Down payment
- $27,450
- Funds due
- $35,288
- Interest + MI left
- $361,228
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $367,323 | $247,050 |
| Second mortgage | — | — |
| First P&I | $1,747.56 | $1,673.60 |
| Second P&I | — | — |
| Mortgage insurance | $290.99 | $49.41 |
| Taxes, insurance & HOA | $383.33 | $383.33 |
| Total housing payment | $2,421.89 | $2,106.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,824
Usable credit−$0
Total buyer cash needed$9,824
Earnest money paid−$0
Remaining funds due$9,824
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,745.00
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)$700.00
Prepaid interest, first (5 days)$154.48
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 closing25 yr 2 moOf the original 30-year loan at 3.07%
Interest already paid$57,867Through Dec 2026
Assumption only · ends Feb 2052$211,699
New conventional · ends Jan 2057$361,228