Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,814/mo
+$515/mo- Down payment
- $0
- Funds due
- $10,630
- Interest + MI left
- $335,673
- First ends
- Sep 2052
New loan
New conventional
$2,299/mo
Lowest payment- Down payment
- $26,500
- Funds due
- $35,049
- Interest + MI left
- $348,726
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $311,191 | $238,500 |
| Second mortgage | — | — |
| First P&I | $1,943.65 | $1,615.68 |
| Second P&I | — | — |
| Mortgage insurance | $234.38 | $47.70 |
| Taxes, insurance & HOA | $636.00 | $636.00 |
| Total housing payment | $2,814.03 | $2,299.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,630
Usable credit−$0
Total buyer cash needed$10,630
Earnest money paid−$0
Remaining funds due$10,630
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,650.00
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)$318.00
Initial HOA (3 months)$1,140.00
Prepaid interest, first (6 days)$297.21
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 9 moOf the original 30-year loan at 5.81%
Interest already paid$79,421Through Dec 2026
Assumption only · ends Sep 2052$335,673
New conventional · ends Jan 2057$348,726