Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,555/mo
+$440/mo- Down payment
- $0
- Funds due
- $10,134
- Interest + MI left
- $321,028
- First ends
- Oct 2052
New loan
New conventional
$2,115/mo
Lowest payment- Down payment
- $27,302
- Funds due
- $35,373
- Interest + MI left
- $359,273
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $319,012 | $245,713 |
| Second mortgage | — | — |
| First P&I | $1,912.45 | $1,664.55 |
| Second P&I | — | — |
| Mortgage insurance | $240.97 | $49.14 |
| Taxes, insurance & HOA | $401.17 | $401.17 |
| Total housing payment | $2,554.59 | $2,114.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,134
Usable credit−$0
Total buyer cash needed$10,134
Earnest money paid−$0
Remaining funds due$10,134
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,730.15
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)$327.50
Initial HOA (3 months)$426.00
Prepaid interest, first (9 days)$425.55
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 10 moOf the original 30-year loan at 5.41%
Interest already paid$74,436Through Dec 2026
Assumption only · ends Oct 2052$321,028
New conventional · ends Jan 2057$359,273