Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,457/mo
+$605/mo- Down payment
- $0
- Funds due
- $11,585
- Interest + MI left
- $523,703
- First ends
- Jan 2053
New loan
New conventional
$2,853/mo
Lowest payment- Down payment
- $38,800
- Funds due
- $48,137
- Interest + MI left
- $510,588
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $396,719 | $349,200 |
| Second mortgage | — | — |
| First P&I | $2,746.02 | $2,365.60 |
| Second P&I | — | — |
| Mortgage insurance | $294.14 | $69.84 |
| Taxes, insurance & HOA | $417.17 | $417.17 |
| Total housing payment | $3,457.33 | $2,852.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,585
Usable credit−$0
Total buyer cash needed$11,585
Earnest money paid−$0
Remaining funds due$11,585
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,880.00
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)$465.50
Initial HOA (3 months)$336.00
Prepaid interest, first (9 days)$678.88
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 closing26 yr 1 moOf the original 30-year loan at 6.94%
Interest already paid$110,522Through Dec 2026
Assumption only · ends Jan 2053$523,703
New conventional · ends Jan 2057$510,588