Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,401/mo
+$130/mo- Down payment
- $0
- Funds due
- $11,935
- Interest + MI left
- $275,963
- First ends
- Sep 2050
New loan
New conventional
$3,271/mo
Lowest payment- Down payment
- $46,500
- Funds due
- $56,412
- Interest + MI left
- $611,916
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $538,936 | $418,500 |
| Second mortgage | — | — |
| First P&I | $2,602.05 | $2,835.06 |
| Second P&I | — | — |
| Mortgage insurance | $446.25 | $83.70 |
| Taxes, insurance & HOA | $352.67 | $352.67 |
| Total housing payment | $3,400.97 | $3,271.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,935
Usable credit−$0
Total buyer cash needed$11,935
Earnest money paid−$0
Remaining funds due$11,935
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,650.00
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)$558.00
Prepaid interest, first (6 days)$251.60
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 closing23 yr 9 moOf the original 30-year loan at 2.84%
Interest already paid$104,089Through Dec 2026
Assumption only · ends Sep 2050$275,963
New conventional · ends Jan 2057$611,916