Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,557/mo
+$298/mo- Down payment
- $0
- Funds due
- $10,087
- Interest + MI left
- $313,027
- First ends
- Sep 2052
New loan
New conventional
$2,259/mo
Lowest payment- Down payment
- $27,200
- Funds due
- $35,219
- Interest + MI left
- $371,256
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $294,902 | $244,800 |
| Second mortgage | — | — |
| First P&I | $1,819.56 | $1,694.95 |
| Second P&I | — | — |
| Mortgage insurance | $222.06 | $48.96 |
| Taxes, insurance & HOA | $515.41 | $515.41 |
| Total housing payment | $2,557.04 | $2,259.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,087
Usable credit−$0
Total buyer cash needed$10,087
Earnest money paid−$0
Remaining funds due$10,087
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,720.00
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)$921.25
Initial HOA (3 months)$174.99
Prepaid interest, first (1 days)$46.05
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 10 moOf the original 30-year loan at 5.700%
Interest already paid$72,379Through Nov 2026
Assumption only · ends Sep 2052$313,027
New conventional · ends Dec 2056$371,256