Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,766/mo
+$487/mo- Down payment
- $0
- Funds due
- $9,856
- Interest + MI left
- $367,925
- First ends
- Jun 2051
New loan
New conventional
$2,279/mo
Lowest payment- Down payment
- $30,500
- Funds due
- $38,247
- Interest + MI left
- $416,298
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $336,465 | $274,500 |
| Second mortgage | — | — |
| First P&I | $2,287.27 | $1,900.58 |
| Second P&I | — | — |
| Mortgage insurance | $155.26 | $54.90 |
| Taxes, insurance & HOA | $323.83 | $323.83 |
| Total housing payment | $2,766.37 | $2,279.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,856
Usable credit−$0
Total buyer cash needed$9,856
Earnest money paid−$0
Remaining funds due$9,856
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,050.00
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)$251.50
Initial HOA (3 months)$270.00
Prepaid interest, first (1 days)$59.92
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 closing24 yr 7 moOf the original 25-year loan at 6.500%
Interest already paid$9,150Through Nov 2026
Assumption only · ends Jun 2051$367,925
New conventional · ends Dec 2056$416,298