Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,613/mo
+$242/mo- Down payment
- $0
- Funds due
- $10,479
- Interest + MI left
- $316,684
- First ends
- Jul 2052
New loan
New conventional
$2,371/mo
Lowest payment- Down payment
- $32,100
- Funds due
- $40,545
- Interest + MI left
- $422,420
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $345,615 | $288,900 |
| Second mortgage | — | — |
| First P&I | $1,993.29 | $1,957.11 |
| Second P&I | — | — |
| Mortgage insurance | $263.61 | $57.78 |
| Taxes, insurance & HOA | $356.42 | $356.42 |
| Total housing payment | $2,613.32 | $2,371.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,479
Usable credit−$0
Total buyer cash needed$10,479
Earnest money paid−$0
Remaining funds due$10,479
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,210.00
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)$385.25
Initial HOA (3 months)$234.00
Prepaid interest, first (9 days)$424.40
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$79,099Through Dec 2026
Assumption only · ends Jul 2052$316,684
New conventional · ends Jan 2057$422,420