Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,405/mo
+$791/mo- Down payment
- $0
- Funds due
- $10,595
- Interest + MI left
- $482,138
- First ends
- Dec 2052
New loan
New conventional
$2,614/mo
Lowest payment- Down payment
- $34,250
- Funds due
- $42,688
- Interest + MI left
- $467,482
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $418,104 | $308,250 |
| Second mortgage | — | — |
| First P&I | $2,674.42 | $2,134.26 |
| Second P&I | — | — |
| Mortgage insurance | $312.27 | $61.65 |
| Taxes, insurance & HOA | $418.42 | $418.42 |
| Total housing payment | $3,405.11 | $2,614.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,595
Usable credit−$0
Total buyer cash needed$10,595
Earnest money paid−$0
Remaining funds due$10,595
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,425.00
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)$559.25
Initial HOA (3 months)$246.00
Prepaid interest, first (2 days)$139.98
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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$102,944Through Nov 2026
Assumption only · ends Dec 2052$482,138
New conventional · ends Dec 2056$467,482