Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,800/mo
+$521/mo- Down payment
- $0
- Funds due
- $10,410
- Interest + MI left
- $424,482
- First ends
- Dec 2052
New loan
New conventional
$2,279/mo
Lowest payment- Down payment
- $31,200
- Funds due
- $39,443
- Interest + MI left
- $410,576
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $323,740 | $280,800 |
| Second mortgage | — | — |
| First P&I | $2,239.26 | $1,902.24 |
| Second P&I | — | — |
| Mortgage insurance | $240.35 | $56.16 |
| Taxes, insurance & HOA | $320.83 | $320.83 |
| Total housing payment | $2,800.44 | $2,279.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,410
Usable credit−$0
Total buyer cash needed$10,410
Earnest money paid−$0
Remaining funds due$10,410
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,120.00
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)$374.50
Initial HOA (3 months)$138.00
Prepaid interest, first (9 days)$552.40
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 closing26 yrOf the original 30-year loan at 6.92%
Interest already paid$91,911Through Dec 2026
Assumption only · ends Dec 2052$424,482
New conventional · ends Jan 2057$410,576