Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,772/mo
+$803/mo- Down payment
- $0
- Funds due
- $11,826
- Interest + MI left
- $504,647
- First ends
- Jan 2053
New loan
New conventional
$2,969/mo
Lowest payment- Down payment
- $32,500
- Funds due
- $42,175
- Interest + MI left
- $443,596
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $372,771 | $292,500 |
| Second mortgage | — | — |
| First P&I | $2,611.08 | $2,025.21 |
| Second P&I | — | — |
| Mortgage insurance | $275.77 | $58.50 |
| Taxes, insurance & HOA | $885.42 | $885.42 |
| Total housing payment | $3,772.26 | $2,969.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,826
Usable credit−$0
Total buyer cash needed$11,826
Earnest money paid−$0
Remaining funds due$11,826
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,250.00
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)$1,141.25
Initial HOA (3 months)$1,065.00
Prepaid interest, first (2 days)$144.61
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 closing26 yr 2 moOf the original 30-year loan at 7.080%
Interest already paid$103,565Through Nov 2026
Assumption only · ends Jan 2053$504,647
New conventional · ends Dec 2056$443,596