Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,944/mo
+$1,078/mo- Down payment
- $0
- Funds due
- $11,446
- Interest + MI left
- $453,961
- First ends
- Jul 2052
New loan
New conventional
$2,866/mo
Lowest payment- Down payment
- $40,000
- Funds due
- $49,278
- Interest + MI left
- $526,380
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $592,390 | $360,000 |
| Second mortgage | — | — |
| First P&I | $3,131.61 | $2,438.77 |
| Second P&I | — | — |
| Mortgage insurance | $456.88 | $72.00 |
| Taxes, insurance & HOA | $355.33 | $355.33 |
| Total housing payment | $3,943.82 | $2,866.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,446
Usable credit−$0
Total buyer cash needed$11,446
Earnest money paid−$0
Remaining funds due$11,446
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,000.00
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)$480.00
Initial HOA (3 months)$135.99
Prepaid interest, first (9 days)$604.72
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 4.14%
Interest already paid$113,365Through Dec 2026
Assumption only · ends Jul 2052$453,961
New conventional · ends Jan 2057$526,380