Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,117/mo
+$582/mo- Down payment
- $0
- Funds due
- $10,393
- Interest + MI left
- $390,925
- First ends
- Jul 2051
New loan
New conventional
$2,535/mo
Lowest payment- Down payment
- $32,999
- Funds due
- $41,261
- Interest + MI left
- $450,407
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $378,752 | $296,991 |
| Second mortgage | — | — |
| First P&I | $2,429.50 | $2,056.31 |
| Second P&I | — | — |
| Mortgage insurance | $268.28 | $59.40 |
| Taxes, insurance & HOA | $419.00 | $419.00 |
| Total housing payment | $3,116.78 | $2,534.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,393
Usable credit−$0
Total buyer cash needed$10,393
Earnest money paid−$0
Remaining funds due$10,393
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,299.90
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Initial HOA (3 months)$807.00
Prepaid interest, first (1 days)$61.13
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 closing24 yr 8 moOf the original 30-year loan at 5.891%
Interest already paid$124,240Through Nov 2026
Assumption only · ends Jul 2051$390,925
New conventional · ends Dec 2056$450,407