Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,393/mo
+$95/mo- Down payment
- $0
- Funds due
- $8,500
- Interest + MI left
- $111,242
- First ends
- Jun 2052
New loan
New conventional
$1,297/mo
Lowest payment- Down payment
- $13,000
- Funds due
- $19,584
- Interest + MI left
- $177,438
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $158,754 | $117,000 |
| Second mortgage | — | — |
| First P&I | $805.85 | $810.08 |
| Second P&I | — | — |
| Mortgage insurance | $123.10 | $23.40 |
| Taxes, insurance & HOA | $464.00 | $464.00 |
| Total housing payment | $1,392.96 | $1,297.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$8,500
Usable credit−$0
Total buyer cash needed$8,500
Earnest money paid−$0
Remaining funds due$8,500
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,300.00
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)$78.00
Initial HOA (3 months)$864.00
Prepaid interest, first (2 days)$32.71
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 7 moOf the original 30-year loan at 3.760%
Interest already paid$27,671Through Nov 2026
Assumption only · ends Jun 2052$111,242
New conventional · ends Dec 2056$177,438