Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,766/mo
+$479/mo- Down payment
- $0
- Funds due
- $9,817
- Interest + MI left
- $426,528
- First ends
- Dec 2052
New loan
New conventional
$2,287/mo
Lowest payment- Down payment
- $31,200
- Funds due
- $38,900
- Interest + MI left
- $425,852
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $324,110 | $280,800 |
| Second mortgage | — | — |
| First P&I | $2,239.26 | $1,944.20 |
| Second P&I | — | — |
| Mortgage insurance | $240.35 | $56.16 |
| Taxes, insurance & HOA | $286.83 | $286.83 |
| Total housing payment | $2,766.44 | $2,287.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,817
Usable credit−$0
Total buyer cash needed$9,817
Earnest money paid−$0
Remaining funds due$9,817
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,120.00
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)$272.50
Initial HOA (3 months)$138.00
Prepaid interest, first (1 days)$61.45
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 closing26 yr 1 moOf the original 30-year loan at 6.920%
Interest already paid$90,042Through Nov 2026
Assumption only · ends Dec 2052$426,528
New conventional · ends Dec 2056$425,852