Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,271/mo
Lowest payment- Down payment
- $0
- Funds due
- $13,618
- Interest + MI left
- $316,105
- First ends
- Jan 2052
New loan
New conventional
$4,273/mo
+$2/mo- Down payment
- $61,500
- Funds due
- $73,101
- Interest + MI left
- $809,309
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $763,708 | $553,500 |
| Second mortgage | — | — |
| First P&I | $3,239.89 | $3,749.60 |
| Second P&I | — | — |
| Mortgage insurance | $618.38 | $110.70 |
| Taxes, insurance & HOA | $412.67 | $412.67 |
| Total housing payment | $4,270.93 | $4,272.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$13,618
Usable credit−$0
Total buyer cash needed$13,618
Earnest money paid−$0
Remaining funds due$13,618
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,150.00
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$738.00
Prepaid interest, first (6 days)$254.85
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 closing25 yr 1 moOf the original 30-year loan at 2.03%
Interest already paid$81,862Through Dec 2026
Assumption only · ends Jan 2052$316,105
New conventional · ends Jan 2057$809,309