Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,631/mo
+$199/mo- Down payment
- $0
- Funds due
- $10,153
- Interest + MI left
- $318,308
- First ends
- Jul 2052
New loan
New conventional
$2,432/mo
Lowest payment- Down payment
- $32,100
- Funds due
- $40,144
- Interest + MI left
- $438,136
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $346,171 | $288,900 |
| Second mortgage | — | — |
| First P&I | $1,993.29 | $2,000.29 |
| Second P&I | — | — |
| Mortgage insurance | $263.61 | $57.78 |
| Taxes, insurance & HOA | $373.75 | $373.75 |
| Total housing payment | $2,630.65 | $2,431.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,153
Usable credit−$0
Total buyer cash needed$10,153
Earnest money paid−$0
Remaining funds due$10,153
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,210.00
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)$437.25
Initial HOA (3 months)$234.00
Prepaid interest, first (1 days)$47.23
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 8 moOf the original 30-year loan at 4.980%
Interest already paid$77,662Through Nov 2026
Assumption only · ends Jul 2052$318,308
New conventional · ends Dec 2056$438,136