Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,812/mo
+$801/mo- Down payment
- $0
- Funds due
- $7,864
- Interest + MI left
- $146,653
- First ends
- Apr 2051
New loan
New conventional
$1,011/mo
Lowest payment- Down payment
- $12,900
- Funds due
- $18,846
- Interest + MI left
- $169,757
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $293,727 | $116,100 |
| Second mortgage | — | — |
| First P&I | $1,370.39 | $786.50 |
| Second P&I | — | — |
| Mortgage insurance | $239.95 | $23.22 |
| Taxes, insurance & HOA | $201.58 | $201.58 |
| Total housing payment | $1,811.93 | $1,011.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$7,864
Usable credit−$0
Total buyer cash needed$7,864
Earnest money paid−$0
Remaining funds due$7,864
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,290.00
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)$154.75
Prepaid interest, first (9 days)$194.10
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 closing24 yr 4 moOf the original 30-year loan at 2.68%
Interest already paid$48,163Through Dec 2026
Assumption only · ends Apr 2051$146,653
New conventional · ends Jan 2057$169,757