Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,378/mo
+$2,208/mo- Down payment
- $0
- Funds due
- $6,346
- Interest + MI left
- $268,306
- First ends
- Feb 2052
New loan
New conventional
$169/mo
Lowest payment- Down payment
- $210
- Funds due
- $4,672
- Interest + MI left
- $2,866
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $372,984 | $1,890 |
| Second mortgage | — | — |
| First P&I | $1,957.40 | $13.09 |
| Second P&I | — | — |
| Mortgage insurance | $264.20 | $0.38 |
| Taxes, insurance & HOA | $155.92 | $155.92 |
| Total housing payment | $2,377.52 | $169.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$6,346
Usable credit−$0
Total buyer cash needed$6,346
Earnest money paid−$0
Remaining funds due$6,346
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$21.00
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)$5.25
Initial HOA (3 months)$12.51
Prepaid interest, first (2 days)$81.75
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 3 moOf the original 30-year loan at 4.000%
Interest already paid$74,556Through Nov 2026
Assumption only · ends Feb 2052$268,306
New conventional · ends Dec 2056$2,866