Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,087/mo
+$367/mo- Down payment
- $0
- Funds due
- $11,452
- Interest + MI left
- $385,350
- First ends
- Jul 2053
New loan
New conventional
$2,720/mo
Lowest payment- Down payment
- $32,700
- Funds due
- $42,027
- Interest + MI left
- $430,315
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $366,273 | $294,300 |
| Second mortgage | — | — |
| First P&I | $2,243.30 | $1,993.69 |
| Second P&I | — | — |
| Mortgage insurance | $176.19 | $58.86 |
| Taxes, insurance & HOA | $667.83 | $667.83 |
| Total housing payment | $3,087.32 | $2,720.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,452
Usable credit−$0
Total buyer cash needed$11,452
Earnest money paid−$0
Remaining funds due$11,452
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,270.00
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)$392.50
Initial HOA (3 months)$1,161.00
Prepaid interest, first (7 days)$403.90
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 7 moOf the original 30-year loan at 5.75%
Interest already paid$73,840Through Dec 2026
Assumption only · ends Jul 2053$385,350
New conventional · ends Jan 2057$430,315