Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,397/mo
Lowest payment- Down payment
- $0
- Funds due
- $10,411
- Interest + MI left
- $238,833
- First ends
- May 2052
New loan
New conventional
$2,565/mo
+$169/mo- Down payment
- $33,900
- Funds due
- $42,226
- Interest + MI left
- $462,705
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $341,957 | $305,100 |
| Second mortgage | — | — |
| First P&I | $1,739.19 | $2,112.45 |
| Second P&I | — | — |
| Mortgage insurance | $265.68 | $61.02 |
| Taxes, insurance & HOA | $392.00 | $392.00 |
| Total housing payment | $2,396.87 | $2,565.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,411
Usable credit−$0
Total buyer cash needed$10,411
Earnest money paid−$0
Remaining funds due$10,411
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,390.00
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)$399.00
Initial HOA (3 months)$327.00
Prepaid interest, first (2 days)$70.45
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 6 moOf the original 30-year loan at 3.760%
Interest already paid$60,792Through Nov 2026
Assumption only · ends May 2052$238,833
New conventional · ends Dec 2056$462,705