Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,884/mo
+$808/mo- Down payment
- $0
- Funds due
- $12,077
- Interest + MI left
- $464,716
- First ends
- Sep 2052
New loan
New conventional
$3,076/mo
Lowest payment- Down payment
- $32,440
- Funds due
- $42,383
- Interest + MI left
- $442,777
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $397,842 | $291,960 |
| Second mortgage | — | — |
| First P&I | $2,589.50 | $2,021.47 |
| Second P&I | — | — |
| Mortgage insurance | $297.90 | $58.39 |
| Taxes, insurance & HOA | $996.50 | $996.50 |
| Total housing payment | $3,883.90 | $3,076.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,077
Usable credit−$0
Total buyer cash needed$12,077
Earnest money paid−$0
Remaining funds due$12,077
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,244.00
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)$2,507.25
Initial HOA (3 months)$32.25
Prepaid interest, first (1 days)$68.12
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 10 moOf the original 30-year loan at 6.250%
Interest already paid$106,751Through Nov 2026
Assumption only · ends Sep 2052$464,716
New conventional · ends Dec 2056$442,777