Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,070/mo
+$180/mo- Down payment
- $0
- Funds due
- $16,855
- Interest + MI left
- $428,848
- First ends
- Aug 2052
New loan
New conventional
$4,891/mo
Lowest payment- Down payment
- $45,000
- Funds due
- $59,701
- Interest + MI left
- $592,177
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $456,354 | $405,000 |
| Second mortgage | — | — |
| First P&I | $2,657.23 | $2,743.61 |
| Second P&I | — | — |
| Mortgage insurance | $347.06 | $81.00 |
| Taxes, insurance & HOA | $2,066.00 | $2,066.00 |
| Total housing payment | $5,070.28 | $4,890.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$16,855
Usable credit−$0
Total buyer cash needed$16,855
Earnest money paid−$0
Remaining funds due$16,855
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,500.00
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)$540.00
Initial HOA (3 months)$5,208.00
Prepaid interest, first (6 days)$381.84
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 5.09%
Interest already paid$104,570Through Dec 2026
Assumption only · ends Aug 2052$428,848
New conventional · ends Jan 2057$592,177