Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,146/mo
+$821/mo- Down payment
- $0
- Funds due
- $9,968
- Interest + MI left
- $421,358
- First ends
- Sep 2052
New loan
New conventional
$2,325/mo
Lowest payment- Down payment
- $30,800
- Funds due
- $38,654
- Interest + MI left
- $420,392
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $410,223 | $277,200 |
| Second mortgage | — | — |
| First P&I | $2,486.38 | $1,919.28 |
| Second P&I | — | — |
| Mortgage insurance | $309.50 | $55.44 |
| Taxes, insurance & HOA | $350.42 | $350.42 |
| Total housing payment | $3,146.29 | $2,325.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,968
Usable credit−$0
Total buyer cash needed$9,968
Earnest money paid−$0
Remaining funds due$9,968
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,080.00
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)$328.25
Initial HOA (3 months)$273.00
Prepaid interest, first (1 days)$62.04
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 closing25 yr 10 moOf the original 30-year loan at 5.520%
Interest already paid$97,602Through Nov 2026
Assumption only · ends Sep 2052$421,358
New conventional · ends Dec 2056$420,392