Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,981/mo
Lowest payment- Down payment
- $0
- Funds due
- $11,296
- Interest + MI left
- $315,762
- First ends
- Jun 2052
New loan
New conventional
$3,052/mo
+$71/mo- Down payment
- $39,880
- Funds due
- $49,003
- Interest + MI left
- $544,326
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $409,250 | $358,920 |
| Second mortgage | — | — |
| First P&I | $2,170.34 | $2,485.09 |
| Second P&I | — | — |
| Mortgage insurance | $315.50 | $71.78 |
| Taxes, insurance & HOA | $495.25 | $495.25 |
| Total housing payment | $2,981.09 | $3,052.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,296
Usable credit−$0
Total buyer cash needed$11,296
Earnest money paid−$0
Remaining funds due$11,296
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,988.00
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)$708.75
Initial HOA (3 months)$327.00
Prepaid interest, first (1 days)$46.76
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 7 moOf the original 30-year loan at 4.170%
Interest already paid$78,868Through Nov 2026
Assumption only · ends Jun 2052$315,762
New conventional · ends Dec 2056$544,326