Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,394/mo
+$1/mo- Down payment
- $0
- Funds due
- $10,343
- Interest + MI left
- $266,604
- First ends
- Jun 2052
New loan
New conventional
$2,393/mo
Lowest payment- Down payment
- $33,590
- Funds due
- $41,976
- Interest + MI left
- $442,027
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $346,702 | $302,310 |
| Second mortgage | — | — |
| First P&I | $1,842.00 | $2,047.95 |
| Second P&I | — | — |
| Mortgage insurance | $267.77 | $60.46 |
| Taxes, insurance & HOA | $284.33 | $284.33 |
| Total housing payment | $2,394.10 | $2,392.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,343
Usable credit−$0
Total buyer cash needed$10,343
Earnest money paid−$0
Remaining funds due$10,343
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,359.00
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)$403.00
Prepaid interest, first (9 days)$356.49
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 closing25 yr 6 moOf the original 30-year loan at 4.17%
Interest already paid$68,144Through Dec 2026
Assumption only · ends Jun 2052$266,604
New conventional · ends Jan 2057$442,027