Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,072/mo
+$745/mo- Down payment
- $0
- Funds due
- $10,866
- Interest + MI left
- $321,676
- First ends
- Jul 2052
New loan
New conventional
$2,327/mo
Lowest payment- Down payment
- $24,650
- Funds due
- $33,444
- Interest + MI left
- $324,381
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $351,062 | $221,850 |
| Second mortgage | — | — |
| First P&I | $2,024.71 | $1,502.89 |
| Second P&I | — | — |
| Mortgage insurance | $267.77 | $44.37 |
| Taxes, insurance & HOA | $779.58 | $779.58 |
| Total housing payment | $3,072.06 | $2,326.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,866
Usable credit−$0
Total buyer cash needed$10,866
Earnest money paid−$0
Remaining funds due$10,866
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,465.00
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)$295.75
Initial HOA (3 months)$1,593.00
Prepaid interest, first (6 days)$287.39
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 7 moOf the original 30-year loan at 4.98%
Interest already paid$80,346Through Dec 2026
Assumption only · ends Jul 2052$321,676
New conventional · ends Jan 2057$324,381