Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,252/mo
+$188/mo- Down payment
- $0
- Funds due
- $11,197
- Interest + MI left
- $429,303
- First ends
- Sep 2052
New loan
New conventional
$3,063/mo
Lowest payment- Down payment
- $41,490
- Funds due
- $50,485
- Interest + MI left
- $566,301
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $417,958 | $373,410 |
| Second mortgage | — | — |
| First P&I | $2,533.26 | $2,585.42 |
| Second P&I | — | — |
| Mortgage insurance | $315.33 | $74.68 |
| Taxes, insurance & HOA | $403.25 | $403.25 |
| Total housing payment | $3,251.85 | $3,063.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,197
Usable credit−$0
Total buyer cash needed$11,197
Earnest money paid−$0
Remaining funds due$11,197
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,149.00
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)$579.75
Initial HOA (3 months)$180.00
Prepaid interest, first (1 days)$63.21
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 10 moOf the original 30-year loan at 5.520%
Interest already paid$99,443Through Nov 2026
Assumption only · ends Sep 2052$429,303
New conventional · ends Dec 2056$566,301