Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,055/mo
+$102/mo- Down payment
- $0
- Funds due
- $11,316
- Interest + MI left
- $355,631
- First ends
- Aug 2052
New loan
New conventional
$2,953/mo
Lowest payment- Down payment
- $36,500
- Funds due
- $45,665
- Interest + MI left
- $498,192
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $366,992 | $328,500 |
| Second mortgage | — | — |
| First P&I | $2,163.94 | $2,274.47 |
| Second P&I | — | — |
| Mortgage insurance | $278.20 | $65.70 |
| Taxes, insurance & HOA | $612.92 | $612.92 |
| Total housing payment | $3,055.07 | $2,953.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,316
Usable credit−$0
Total buyer cash needed$11,316
Earnest money paid−$0
Remaining funds due$11,316
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,650.00
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)$513.75
Initial HOA (3 months)$875.01
Prepaid interest, first (1 days)$52.59
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 9 moOf the original 30-year loan at 5.230%
Interest already paid$84,598Through Nov 2026
Assumption only · ends Aug 2052$355,631
New conventional · ends Dec 2056$498,192