Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,466/mo
+$384/mo- Down payment
- $0
- Funds due
- $9,623
- Interest + MI left
- $321,607
- First ends
- Sep 2052
New loan
New conventional
$2,082/mo
Lowest payment- Down payment
- $26,490
- Funds due
- $34,049
- Interest + MI left
- $361,565
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $298,668 | $238,410 |
| Second mortgage | — | — |
| First P&I | $1,857.35 | $1,650.70 |
| Second P&I | — | — |
| Mortgage insurance | $224.71 | $47.68 |
| Taxes, insurance & HOA | $383.75 | $383.75 |
| Total housing payment | $2,465.81 | $2,082.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,623
Usable credit−$0
Total buyer cash needed$9,623
Earnest money paid−$0
Remaining funds due$9,623
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,649.00
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)$464.25
Initial HOA (3 months)$237.00
Prepaid interest, first (1 days)$47.30
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 5.780%
Interest already paid$74,299Through Nov 2026
Assumption only · ends Sep 2052$321,607
New conventional · ends Dec 2056$361,565