Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,151/mo
+$489/mo- Down payment
- $0
- Funds due
- $11,227
- Interest + MI left
- $342,308
- First ends
- Nov 2052
New loan
New conventional
$2,662/mo
Lowest payment- Down payment
- $28,519
- Funds due
- $37,665
- Interest + MI left
- $389,259
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $350,199 | $256,671 |
| Second mortgage | — | — |
| First P&I | $2,053.44 | $1,777.14 |
| Second P&I | — | — |
| Mortgage insurance | $264.29 | $51.33 |
| Taxes, insurance & HOA | $833.25 | $833.25 |
| Total housing payment | $3,150.98 | $2,661.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,227
Usable credit−$0
Total buyer cash needed$11,227
Earnest money paid−$0
Remaining funds due$11,227
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,851.90
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)$1,980.75
Initial HOA (3 months)$69.00
Prepaid interest, first (2 days)$100.17
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 closing26 yrOf the original 30-year loan at 5.220%
Interest already paid$75,647Through Nov 2026
Assumption only · ends Nov 2052$342,308
New conventional · ends Dec 2056$389,259