Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,857/mo
+$653/mo- Down payment
- $0
- Funds due
- $10,357
- Interest + MI left
- $322,940
- First ends
- Aug 2049
New loan
New conventional
$2,205/mo
Lowest payment- Down payment
- $28,900
- Funds due
- $37,108
- Interest + MI left
- $380,309
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $332,347 | $260,100 |
| Second mortgage | — | — |
| First P&I | $2,307.93 | $1,762.01 |
| Second P&I | — | — |
| Mortgage insurance | $158.86 | $52.02 |
| Taxes, insurance & HOA | $390.58 | $390.58 |
| Total housing payment | $2,857.37 | $2,204.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,357
Usable credit−$0
Total buyer cash needed$10,357
Earnest money paid−$0
Remaining funds due$10,357
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,890.00
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)$346.75
Initial HOA (3 months)$375.00
Prepaid interest, first (9 days)$520.37
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 closing22 yr 8 moOf the original 25-year loan at 6.35%
Interest already paid$50,363Through Dec 2026
Assumption only · ends Aug 2049$322,940
New conventional · ends Jan 2057$380,309