Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,757/mo
+$1,266/mo- Down payment
- $0
- Funds due
- $11,056
- Interest + MI left
- $584,035
- First ends
- Feb 2052
New loan
New conventional
$2,490/mo
Lowest payment- Down payment
- $34,000
- Funds due
- $42,645
- 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 | $423,135 | $306,000 |
| Second mortgage | — | — |
| First P&I | $3,200.28 | $2,072.95 |
| Second P&I | — | — |
| Mortgage insurance | $200.26 | $61.20 |
| Taxes, insurance & HOA | $356.00 | $356.00 |
| Total housing payment | $3,756.54 | $2,490.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,056
Usable credit−$0
Total buyer cash needed$11,056
Earnest money paid−$0
Remaining funds due$11,056
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)$210.00
Prepaid interest, first (9 days)$812.77
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 2 moOf the original 28-year loan at 7.79%
Interest already paid$95,016Through Dec 2026
Assumption only · ends Feb 2052$584,035
New conventional · ends Jan 2057$447,423