Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,220/mo
+$489/mo- Down payment
- $0
- Funds due
- $10,573
- Interest + MI left
- $467,115
- First ends
- Dec 2052
New loan
New conventional
$2,731/mo
Lowest payment- Down payment
- $37,500
- Funds due
- $45,899
- Interest + MI left
- $511,841
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $405,077 | $337,500 |
| Second mortgage | — | — |
| First P&I | $2,591.09 | $2,336.78 |
| Second P&I | — | — |
| Mortgage insurance | $302.54 | $67.50 |
| Taxes, insurance & HOA | $326.83 | $326.83 |
| Total housing payment | $3,220.47 | $2,731.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,573
Usable credit−$0
Total buyer cash needed$10,573
Earnest money paid−$0
Remaining funds due$10,573
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,750.00
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)$344.50
Initial HOA (3 months)$186.00
Prepaid interest, first (1 days)$67.81
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$99,737Through Nov 2026
Assumption only · ends Dec 2052$467,115
New conventional · ends Dec 2056$511,841