Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,657/mo
+$549/mo- Down payment
- $0
- Funds due
- $10,022
- Interest + MI left
- $240,577
- First ends
- Apr 2048
New loan
New conventional
$2,108/mo
Lowest payment- Down payment
- $23,490
- Funds due
- $31,471
- Interest + MI left
- $320,617
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $274,561 | $211,410 |
| Second mortgage | — | — |
| First P&I | $1,919.56 | $1,463.76 |
| Second P&I | — | — |
| Mortgage insurance | $135.01 | $42.28 |
| Taxes, insurance & HOA | $602.08 | $602.08 |
| Total housing payment | $2,656.65 | $2,108.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,022
Usable credit−$0
Total buyer cash needed$10,022
Earnest money paid−$0
Remaining funds due$10,022
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,349.00
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)$1,047.25
Initial HOA (3 months)$309.00
Prepaid interest, first (2 days)$92.07
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 closing21 yr 5 moOf the original 25-year loan at 6.120%
Interest already paid$62,536Through Nov 2026
Assumption only · ends Apr 2048$240,577
New conventional · ends Dec 2056$320,617