Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,628/mo
+$625/mo- Down payment
- $0
- Funds due
- $9,770
- Interest + MI left
- $392,675
- First ends
- Jan 2053
New loan
New conventional
$2,003/mo
Lowest payment- Down payment
- $26,000
- Funds due
- $33,658
- Interest + MI left
- $342,147
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $291,128 | $234,000 |
| Second mortgage | — | — |
| First P&I | $2,041.46 | $1,585.20 |
| Second P&I | — | — |
| Mortgage insurance | $215.61 | $46.80 |
| Taxes, insurance & HOA | $371.00 | $371.00 |
| Total housing payment | $2,628.07 | $2,003.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,770
Usable credit−$0
Total buyer cash needed$9,770
Earnest money paid−$0
Remaining funds due$9,770
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,600.00
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)$663.00
Prepaid interest, first (5 days)$282.35
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 7.08%
Interest already paid$82,692Through Dec 2026
Assumption only · ends Jan 2053$392,675
New conventional · ends Jan 2057$342,147