Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,386/mo
+$634/mo- Down payment
- $0
- Funds due
- $9,154
- Interest + MI left
- $270,109
- First ends
- Jun 2052
New loan
New conventional
$1,752/mo
Lowest payment- Down payment
- $24,000
- Funds due
- $31,128
- Interest + MI left
- $315,828
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $352,056 | $216,000 |
| Second mortgage | — | — |
| First P&I | $1,868.47 | $1,463.26 |
| Second P&I | — | — |
| Mortgage insurance | $271.94 | $43.20 |
| Taxes, insurance & HOA | $246.00 | $246.00 |
| Total housing payment | $2,386.41 | $1,752.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,154
Usable credit−$0
Total buyer cash needed$9,154
Earnest money paid−$0
Remaining funds due$9,154
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,400.00
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)$288.00
Prepaid interest, first (6 days)$240.75
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 6 moOf the original 30-year loan at 4.16%
Interest already paid$69,035Through Dec 2026
Assumption only · ends Jun 2052$270,109
New conventional · ends Jan 2057$315,828