Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,081/mo
+$515/mo- Down payment
- $0
- Funds due
- $10,225
- Interest + MI left
- $520,643
- First ends
- Dec 2053
New loan
New conventional
$2,567/mo
Lowest payment- Down payment
- $36,000
- Funds due
- $44,057
- Interest + MI left
- $491,368
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $377,626 | $324,000 |
| Second mortgage | — | — |
| First P&I | $2,644.14 | $2,243.31 |
| Second P&I | — | — |
| Mortgage insurance | $178.54 | $64.80 |
| Taxes, insurance & HOA | $258.67 | $258.67 |
| Total housing payment | $3,081.35 | $2,566.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,225
Usable credit−$0
Total buyer cash needed$10,225
Earnest money paid−$0
Remaining funds due$10,225
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,600.00
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)$41.00
Initial HOA (3 months)$285.00
Prepaid interest, first (1 days)$74.49
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 closing27 yr 1 moOf the original 30-year loan at 7.200%
Interest already paid$80,632Through Nov 2026
Assumption only · ends Dec 2053$520,643
New conventional · ends Dec 2056$491,368