Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$34,621/mo
+$34,241/mo- Down payment
- $0
- Funds due
- $13,351
- Interest + MI left
- $9,752,152
- First ends
- Jul 2051
New loan
New conventional
$380/mo
Lowest payment- Down payment
- $3,450
- Funds due
- $8,264
- Interest + MI left
- $45,400
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $410,000 | $31,050 |
| Second mortgage | — | — |
| First P&I | $34,166.67 | $210.34 |
| Second P&I | — | — |
| Mortgage insurance | $290.42 | $6.21 |
| Taxes, insurance & HOA | $163.83 | $163.83 |
| Total housing payment | $34,620.92 | $380.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$13,351
Usable credit−$0
Total buyer cash needed$13,351
Earnest money paid−$0
Remaining funds due$13,351
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$345.00
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)$41.50
Prepaid interest, first (6 days)$6,739.73
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 7 moOf the original 30-year loan at 100%
Interest already paid$2,220,833Through Dec 2026
Assumption only · ends Jul 2051$9,752,152
New conventional · ends Jan 2057$45,400