Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,128/mo
+$866/mo- Down payment
- $0
- Funds due
- $9,832
- Interest + MI left
- $460,672
- First ends
- Dec 2052
New loan
New conventional
$2,262/mo
Lowest payment- Down payment
- $31,000
- Funds due
- $38,702
- Interest + MI left
- $423,122
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $399,489 | $279,000 |
| Second mortgage | — | — |
| First P&I | $2,555.35 | $1,931.74 |
| Second P&I | — | — |
| Mortgage insurance | $298.37 | $55.80 |
| Taxes, insurance & HOA | $274.58 | $274.58 |
| Total housing payment | $3,128.30 | $2,262.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,832
Usable credit−$0
Total buyer cash needed$9,832
Earnest money paid−$0
Remaining funds due$9,832
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,100.00
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)$273.75
Initial HOA (3 months)$99.99
Prepaid interest, first (2 days)$133.75
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 closing26 yr 1 moOf the original 30-year loan at 6.110%
Interest already paid$98,361Through Nov 2026
Assumption only · ends Dec 2052$460,672
New conventional · ends Dec 2056$423,122