Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,434/mo
+$518/mo- Down payment
- $0
- Funds due
- $11,331
- Interest + MI left
- $495,104
- First ends
- Jan 2053
New loan
New conventional
$2,915/mo
Lowest payment- Down payment
- $36,090
- Funds due
- $45,250
- Interest + MI left
- $492,596
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $365,722 | $324,810 |
| Second mortgage | — | — |
| First P&I | $2,561.70 | $2,248.92 |
| Second P&I | — | — |
| Mortgage insurance | $270.55 | $64.96 |
| Taxes, insurance & HOA | $601.59 | $601.59 |
| Total housing payment | $3,433.84 | $2,915.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,331
Usable credit−$0
Total buyer cash needed$11,331
Earnest money paid−$0
Remaining funds due$11,331
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,609.00
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)$1,248.50
Initial HOA (3 months)$106.26
Prepaid interest, first (2 days)$141.88
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$101,607Through Nov 2026
Assumption only · ends Jan 2053$495,104
New conventional · ends Dec 2056$492,596