Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,460/mo
+$440/mo- Down payment
- $0
- Funds due
- $9,850
- Interest + MI left
- $363,020
- First ends
- May 2053
New loan
New conventional
$2,020/mo
Lowest payment- Down payment
- $28,000
- Funds due
- $35,727
- Interest + MI left
- $368,466
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $316,771 | $252,000 |
| Second mortgage | — | — |
| First P&I | $2,045.58 | $1,707.14 |
| Second P&I | — | — |
| Mortgage insurance | $152.11 | $50.40 |
| Taxes, insurance & HOA | $262.00 | $262.00 |
| Total housing payment | $2,459.69 | $2,019.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,850
Usable credit−$0
Total buyer cash needed$9,850
Earnest money paid−$0
Remaining funds due$9,850
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,800.00
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)$336.00
Prepaid interest, first (9 days)$488.96
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 closing26 yr 5 moOf the original 30-year loan at 6.26%
Interest already paid$72,854Through Dec 2026
Assumption only · ends May 2053$363,020
New conventional · ends Jan 2057$368,466