Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,260/mo
+$390/mo- Down payment
- $0
- Funds due
- $9,761
- Interest + MI left
- $267,774
- First ends
- Oct 2052
New loan
New conventional
$1,870/mo
Lowest payment- Down payment
- $22,400
- Funds due
- $30,139
- Interest + MI left
- $294,773
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $266,093 | $201,600 |
| Second mortgage | — | — |
| First P&I | $1,595.20 | $1,365.71 |
| Second P&I | — | — |
| Mortgage insurance | $201.00 | $40.32 |
| Taxes, insurance & HOA | $463.58 | $463.58 |
| Total housing payment | $2,259.78 | $1,869.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,761
Usable credit−$0
Total buyer cash needed$9,761
Earnest money paid−$0
Remaining funds due$9,761
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,240.00
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)$268.75
Initial HOA (3 months)$672.00
Prepaid interest, first (9 days)$354.96
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$62,088Through Dec 2026
Assumption only · ends Oct 2052$267,774
New conventional · ends Jan 2057$294,773