Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,030/mo
+$151/mo- Down payment
- $0
- Funds due
- $11,661
- Interest + MI left
- $353,830
- First ends
- Aug 2052
New loan
New conventional
$2,879/mo
Lowest payment- Down payment
- $36,500
- Funds due
- $46,105
- Interest + MI left
- $480,321
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $366,428 | $328,500 |
| Second mortgage | — | — |
| First P&I | $2,163.94 | $2,225.37 |
| Second P&I | — | — |
| Mortgage insurance | $278.20 | $65.70 |
| Taxes, insurance & HOA | $587.67 | $587.67 |
| Total housing payment | $3,029.82 | $2,878.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,661
Usable credit−$0
Total buyer cash needed$11,661
Earnest money paid−$0
Remaining funds due$11,661
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,650.00
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)$438.00
Initial HOA (3 months)$875.01
Prepaid interest, first (9 days)$472.54
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 8 moOf the original 30-year loan at 5.23%
Interest already paid$86,198Through Dec 2026
Assumption only · ends Aug 2052$353,830
New conventional · ends Jan 2057$480,321