Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,380/mo
+$281/mo- Down payment
- $0
- Funds due
- $9,585
- Interest + MI left
- $229,091
- First ends
- Apr 2052
New loan
New conventional
$2,099/mo
Lowest payment- Down payment
- $27,300
- Funds due
- $34,828
- Interest + MI left
- $372,621
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $355,658 | $245,700 |
| Second mortgage | — | — |
| First P&I | $1,752.70 | $1,701.18 |
| Second P&I | — | — |
| Mortgage insurance | $278.20 | $49.14 |
| Taxes, insurance & HOA | $348.67 | $348.67 |
| Total housing payment | $2,379.57 | $2,098.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,585
Usable credit−$0
Total buyer cash needed$9,585
Earnest money paid−$0
Remaining funds due$9,585
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,730.00
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)$284.00
Initial HOA (3 months)$312.00
Prepaid interest, first (1 days)$33.62
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 5 moOf the original 30-year loan at 3.450%
Interest already paid$59,302Through Nov 2026
Assumption only · ends Apr 2052$229,091
New conventional · ends Dec 2056$372,621