Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,604/mo
+$284/mo- Down payment
- $0
- Funds due
- $10,765
- Interest + MI left
- $269,120
- First ends
- Aug 2052
New loan
New conventional
$2,319/mo
Lowest payment- Down payment
- $25,000
- Funds due
- $33,741
- Interest + MI left
- $328,987
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $277,634 | $225,000 |
| Second mortgage | — | — |
| First P&I | $1,642.87 | $1,524.23 |
| Second P&I | — | — |
| Mortgage insurance | $210.74 | $45.00 |
| Taxes, insurance & HOA | $750.00 | $750.00 |
| Total housing payment | $2,603.60 | $2,319.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,765
Usable credit−$0
Total buyer cash needed$10,765
Earnest money paid−$0
Remaining funds due$10,765
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,500.00
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)$300.00
Initial HOA (3 months)$1,500.00
Prepaid interest, first (6 days)$239.60
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 5.25%
Interest already paid$65,552Through Dec 2026
Assumption only · ends Aug 2052$269,120
New conventional · ends Jan 2057$328,987