Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,487/mo
+$565/mo- Down payment
- $0
- Funds due
- $9,656
- Interest + MI left
- $273,529
- First ends
- Jun 2052
New loan
New conventional
$1,922/mo
Lowest payment- Down payment
- $25,490
- Funds due
- $33,131
- Interest + MI left
- $335,435
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $355,707 | $229,410 |
| Second mortgage | — | — |
| First P&I | $1,889.84 | $1,554.10 |
| Second P&I | — | — |
| Mortgage insurance | $274.72 | $45.88 |
| Taxes, insurance & HOA | $322.00 | $322.00 |
| Total housing payment | $2,486.57 | $1,921.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,656
Usable credit−$0
Total buyer cash needed$9,656
Earnest money paid−$0
Remaining funds due$9,656
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,549.00
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)$306.00
Initial HOA (3 months)$210.00
Prepaid interest, first (9 days)$365.74
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$69,914Through Dec 2026
Assumption only · ends Jun 2052$273,529
New conventional · ends Jan 2057$335,435