Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,500/mo
+$230/mo- Down payment
- $0
- Funds due
- $9,927
- Interest + MI left
- $320,764
- First ends
- Oct 2052
New loan
New conventional
$2,270/mo
Lowest payment- Down payment
- $29,800
- Funds due
- $37,644
- Interest + MI left
- $406,743
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $317,619 | $268,200 |
| Second mortgage | — | — |
| First P&I | $1,901.28 | $1,856.96 |
| Second P&I | — | — |
| Mortgage insurance | $239.57 | $53.64 |
| Taxes, insurance & HOA | $359.42 | $359.42 |
| Total housing payment | $2,500.27 | $2,270.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,927
Usable credit−$0
Total buyer cash needed$9,927
Earnest money paid−$0
Remaining funds due$9,927
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,980.00
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)$370.25
Initial HOA (3 months)$258.00
Prepaid interest, first (2 days)$94.15
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 closing25 yr 11 moOf the original 30-year loan at 5.410%
Interest already paid$72,569Through Nov 2026
Assumption only · ends Oct 2052$320,764
New conventional · ends Dec 2056$406,743