Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,280/mo
+$1,603/mo- Down payment
- $0
- Funds due
- $7,319
- Interest + MI left
- $224,139
- First ends
- Jul 2051
New loan
New conventional
$677/mo
Lowest payment- Down payment
- $7,900
- Funds due
- $13,215
- Interest + MI left
- $103,960
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $363,893 | $71,100 |
| Second mortgage | — | — |
| First P&I | $1,841.08 | $481.66 |
| Second P&I | — | — |
| Mortgage insurance | $257.76 | $14.22 |
| Taxes, insurance & HOA | $181.58 | $181.58 |
| Total housing payment | $2,280.42 | $677.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$7,319
Usable credit−$0
Total buyer cash needed$7,319
Earnest money paid−$0
Remaining funds due$7,319
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$790.00
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)$94.75
Prepaid interest, first (6 days)$209.36
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 3.5%
Interest already paid$73,564Through Dec 2026
Assumption only · ends Jul 2051$224,139
New conventional · ends Jan 2057$103,960