Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,478/mo
+$363/mo- Down payment
- $0
- Funds due
- $9,769
- Interest + MI left
- $327,517
- First ends
- Dec 2052
New loan
New conventional
$2,115/mo
Lowest payment- Down payment
- $25,990
- Funds due
- $33,699
- Interest + MI left
- $354,740
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $284,019 | $233,910 |
| Second mortgage | — | — |
| First P&I | $1,816.74 | $1,619.55 |
| Second P&I | — | — |
| Mortgage insurance | $212.13 | $46.78 |
| Taxes, insurance & HOA | $449.08 | $449.08 |
| Total housing payment | $2,477.95 | $2,115.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,769
Usable credit−$0
Total buyer cash needed$9,769
Earnest money paid−$0
Remaining funds due$9,769
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,599.00
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)$297.25
Initial HOA (3 months)$600.00
Prepaid interest, first (1 days)$47.54
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 closing26 yr 1 moOf the original 30-year loan at 6.110%
Interest already paid$69,930Through Nov 2026
Assumption only · ends Dec 2052$327,517
New conventional · ends Dec 2056$354,740