Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,632/mo
+$86/mo- Down payment
- $0
- Funds due
- $10,457
- Interest + MI left
- $311,791
- First ends
- May 2052
New loan
New conventional
$2,546/mo
Lowest payment- Down payment
- $33,000
- Funds due
- $41,355
- Interest + MI left
- $450,420
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $332,832 | $297,000 |
| Second mortgage | — | — |
| First P&I | $1,948.07 | $2,056.37 |
| Second P&I | — | — |
| Mortgage insurance | $253.86 | $59.40 |
| Taxes, insurance & HOA | $429.75 | $429.75 |
| Total housing payment | $2,631.68 | $2,545.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,457
Usable credit−$0
Total buyer cash needed$10,457
Earnest money paid−$0
Remaining funds due$10,457
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,300.00
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)$494.25
Initial HOA (3 months)$345.00
Prepaid interest, first (2 days)$93.19
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 5.110%
Interest already paid$79,640Through Nov 2026
Assumption only · ends May 2052$311,791
New conventional · ends Dec 2056$450,420