Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,986/mo
+$343/mo- Down payment
- $0
- Funds due
- $11,304
- Interest + MI left
- $282,044
- First ends
- Dec 2052
New loan
New conventional
$2,643/mo
Lowest payment- Down payment
- $30,000
- Funds due
- $39,274
- Interest + MI left
- $394,785
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $379,306 | $270,000 |
| Second mortgage | — | — |
| First P&I | $1,957.40 | $1,829.07 |
| Second P&I | — | — |
| Mortgage insurance | $268.67 | $54.00 |
| Taxes, insurance & HOA | $760.00 | $760.00 |
| Total housing payment | $2,986.08 | $2,643.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,304
Usable credit−$0
Total buyer cash needed$11,304
Earnest money paid−$0
Remaining funds due$11,304
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,000.00
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)$360.00
Initial HOA (3 months)$1,470.00
Prepaid interest, first (6 days)$249.41
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 closing26 yrOf the original 30-year loan at 4%
Interest already paid$63,261Through Dec 2026
Assumption only · ends Dec 2052$282,044
New conventional · ends Jan 2057$394,785