Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,160/mo
+$863/mo- Down payment
- $0
- Funds due
- $10,505
- Interest + MI left
- $419,241
- First ends
- Sep 2052
New loan
New conventional
$2,297/mo
Lowest payment- Down payment
- $30,800
- Funds due
- $39,130
- Interest + MI left
- $405,312
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $409,623 | $277,200 |
| Second mortgage | — | — |
| First P&I | $2,486.38 | $1,877.85 |
| Second P&I | — | — |
| Mortgage insurance | $309.50 | $55.44 |
| Taxes, insurance & HOA | $364.17 | $364.17 |
| Total housing payment | $3,160.04 | $2,297.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,505
Usable credit−$0
Total buyer cash needed$10,505
Earnest money paid−$0
Remaining funds due$10,505
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,080.00
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)$369.50
Initial HOA (3 months)$273.00
Prepaid interest, first (9 days)$557.54
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 9 moOf the original 30-year loan at 5.52%
Interest already paid$99,489Through Dec 2026
Assumption only · ends Sep 2052$419,241
New conventional · ends Jan 2057$405,312