Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,850/mo
+$482/mo- Down payment
- $0
- Funds due
- $10,772
- Interest + MI left
- $327,172
- First ends
- Aug 2052
New loan
New conventional
$2,368/mo
Lowest payment- Down payment
- $28,800
- Funds due
- $37,506
- Interest + MI left
- $378,993
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $347,475 | $259,200 |
| Second mortgage | — | — |
| First P&I | $2,025.30 | $1,755.91 |
| Second P&I | — | — |
| Mortgage insurance | $264.22 | $51.84 |
| Taxes, insurance & HOA | $560.17 | $560.17 |
| Total housing payment | $2,849.69 | $2,367.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,772
Usable credit−$0
Total buyer cash needed$10,772
Earnest money paid−$0
Remaining funds due$10,772
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,880.00
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)$345.50
Initial HOA (3 months)$885.00
Prepaid interest, first (9 days)$436.96
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 8 moOf the original 30-year loan at 5.1%
Interest already paid$79,772Through Dec 2026
Assumption only · ends Aug 2052$327,172
New conventional · ends Jan 2057$378,993