Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,860/mo
+$616/mo- Down payment
- $0
- Funds due
- $10,294
- Interest + MI left
- $331,061
- First ends
- Oct 2052
New loan
New conventional
$2,244/mo
Lowest payment- Down payment
- $24,490
- Funds due
- $32,736
- Interest + MI left
- $334,267
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $321,163 | $220,410 |
| Second mortgage | — | — |
| First P&I | $1,943.76 | $1,526.07 |
| Second P&I | — | — |
| Mortgage insurance | $241.95 | $44.08 |
| Taxes, insurance & HOA | $673.92 | $673.92 |
| Total housing payment | $2,859.63 | $2,244.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,294
Usable credit−$0
Total buyer cash needed$10,294
Earnest money paid−$0
Remaining funds due$10,294
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,449.00
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)$1,485.75
Initial HOA (3 months)$86.01
Prepaid interest, first (1 days)$48.57
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 11 moOf the original 30-year loan at 5.520%
Interest already paid$74,825Through Nov 2026
Assumption only · ends Oct 2052$331,061
New conventional · ends Dec 2056$334,267