Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,952/mo
+$409/mo- Down payment
- $0
- Funds due
- $10,880
- Interest + MI left
- $356,822
- First ends
- Jul 2052
New loan
New conventional
$2,543/mo
Lowest payment- Down payment
- $34,000
- Funds due
- $42,804
- Interest + MI left
- $447,423
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $389,419 | $306,000 |
| Second mortgage | — | — |
| First P&I | $2,245.93 | $2,072.95 |
| Second P&I | — | — |
| Mortgage insurance | $297.02 | $61.20 |
| Taxes, insurance & HOA | $409.00 | $409.00 |
| Total housing payment | $2,951.95 | $2,543.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,880
Usable credit−$0
Total buyer cash needed$10,880
Earnest money paid−$0
Remaining funds due$10,880
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,400.00
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)$408.00
Initial HOA (3 months)$369.00
Prepaid interest, first (9 days)$478.19
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 7 moOf the original 30-year loan at 4.98%
Interest already paid$89,124Through Dec 2026
Assumption only · ends Jul 2052$356,822
New conventional · ends Jan 2057$447,423