Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,116/mo
+$960/mo- Down payment
- $0
- Funds due
- $8,504
- Interest + MI left
- $251,296
- First ends
- Aug 2052
New loan
New conventional
$1,155/mo
Lowest payment- Down payment
- $10,880
- Funds due
- $17,367
- Interest + MI left
- $143,175
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $235,063 | $97,920 |
| Second mortgage | — | — |
| First P&I | $1,465.93 | $663.34 |
| Second P&I | — | — |
| Mortgage insurance | $177.35 | $19.58 |
| Taxes, insurance & HOA | $472.50 | $472.50 |
| Total housing payment | $2,115.78 | $1,155.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$8,504
Usable credit−$0
Total buyer cash needed$8,504
Earnest money paid−$0
Remaining funds due$8,504
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,088.00
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)$130.50
Initial HOA (3 months)$837.00
Prepaid interest, first (6 days)$223.34
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 8 moOf the original 30-year loan at 5.78%
Interest already paid$60,910Through Dec 2026
Assumption only · ends Aug 2052$251,296
New conventional · ends Jan 2057$143,175