Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,042/mo
+$906/mo- Down payment
- $0
- Funds due
- $10,575
- Interest + MI left
- $274,370
- First ends
- Jul 2052
New loan
New conventional
$2,136/mo
Lowest payment- Down payment
- $20,990
- Funds due
- $29,531
- Interest + MI left
- $276,218
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $375,817 | $188,910 |
| Second mortgage | — | — |
| First P&I | $1,957.40 | $1,279.74 |
| Second P&I | — | — |
| Mortgage insurance | $266.20 | $37.78 |
| Taxes, insurance & HOA | $818.00 | $818.00 |
| Total housing payment | $3,041.61 | $2,135.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,575
Usable credit−$0
Total buyer cash needed$10,575
Earnest money paid−$0
Remaining funds due$10,575
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,099.00
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)$252.00
Initial HOA (3 months)$1,752.00
Prepaid interest, first (6 days)$247.11
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%
Interest already paid$69,560Through Dec 2026
Assumption only · ends Jul 2052$274,370
New conventional · ends Jan 2057$276,218