Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,755/mo
+$173/mo- Down payment
- $0
- Funds due
- $10,397
- Interest + MI left
- $356,297
- First ends
- Oct 2052
New loan
New conventional
$2,582/mo
Lowest payment- Down payment
- $34,390
- Funds due
- $42,653
- Interest + MI left
- $469,393
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $352,804 | $309,510 |
| Second mortgage | — | — |
| First P&I | $2,111.90 | $2,142.98 |
| Second P&I | — | — |
| Mortgage insurance | $266.11 | $61.90 |
| Taxes, insurance & HOA | $376.75 | $376.75 |
| Total housing payment | $2,754.75 | $2,581.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,397
Usable credit−$0
Total buyer cash needed$10,397
Earnest money paid−$0
Remaining funds due$10,397
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,439.00
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)$490.25
Initial HOA (3 months)$189.99
Prepaid interest, first (1 days)$52.29
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 11 moOf the original 30-year loan at 5.410%
Interest already paid$80,608Through Nov 2026
Assumption only · ends Oct 2052$356,297
New conventional · ends Dec 2056$469,393