Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,509/mo
+$635/mo- Down payment
- $0
- Funds due
- $11,679
- Interest + MI left
- $367,117
- First ends
- Aug 2052
New loan
New conventional
$2,873/mo
Lowest payment- Down payment
- $30,000
- Funds due
- $39,579
- Interest + MI left
- $409,473
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $389,291 | $270,000 |
| Second mortgage | — | — |
| First P&I | $2,263.18 | $1,869.43 |
| Second P&I | — | — |
| Mortgage insurance | $295.59 | $54.00 |
| Taxes, insurance & HOA | $949.83 | $949.83 |
| Total housing payment | $3,508.60 | $2,873.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,679
Usable credit−$0
Total buyer cash needed$11,679
Earnest money paid−$0
Remaining funds due$11,679
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,000.00
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)$1,367.50
Initial HOA (3 months)$1,032.00
Prepaid interest, first (1 days)$54.29
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 9 moOf the original 30-year loan at 5.090%
Interest already paid$87,411Through Nov 2026
Assumption only · ends Aug 2052$367,117
New conventional · ends Dec 2056$409,473