Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,910/mo
+$403/mo- Down payment
- $0
- Funds due
- $14,143
- Interest + MI left
- $446,520
- First ends
- Jan 2052
New loan
New conventional
$4,507/mo
Lowest payment- Down payment
- $65,000
- Funds due
- $76,995
- Interest + MI left
- $855,367
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $820,217 | $585,000 |
| Second mortgage | — | — |
| First P&I | $3,829.85 | $3,962.99 |
| Second P&I | — | — |
| Mortgage insurance | $653.44 | $117.00 |
| Taxes, insurance & HOA | $426.67 | $426.67 |
| Total housing payment | $4,909.95 | $4,506.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$14,143
Usable credit−$0
Total buyer cash needed$14,143
Earnest money paid−$0
Remaining funds due$14,143
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,500.00
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)$780.00
Prepaid interest, first (6 days)$388.31
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 2.88%
Interest already paid$123,678Through Dec 2026
Assumption only · ends Jan 2052$446,520
New conventional · ends Jan 2057$855,367