Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,046/mo
Lowest payment- Down payment
- $0
- Funds due
- $11,434
- Interest + MI left
- $333,903
- First ends
- Jul 2052
New loan
New conventional
$3,054/mo
+$7/mo- Down payment
- $43,000
- Funds due
- $52,365
- Interest + MI left
- $565,858
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $450,012 | $387,000 |
| Second mortgage | — | — |
| First P&I | $2,343.84 | $2,621.67 |
| Second P&I | — | — |
| Mortgage insurance | $347.75 | $77.40 |
| Taxes, insurance & HOA | $354.50 | $354.50 |
| Total housing payment | $3,046.09 | $3,053.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,434
Usable credit−$0
Total buyer cash needed$11,434
Earnest money paid−$0
Remaining funds due$11,434
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,300.00
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)$516.00
Initial HOA (3 months)$97.50
Prepaid interest, first (6 days)$295.90
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$83,292Through Dec 2026
Assumption only · ends Jul 2052$333,903
New conventional · ends Jan 2057$565,858