Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,539/mo
+$42/mo- Down payment
- $0
- Funds due
- $10,219
- Interest + MI left
- $313,296
- First ends
- Jul 2052
New loan
New conventional
$2,497/mo
Lowest payment- Down payment
- $33,990
- Funds due
- $42,101
- Interest + MI left
- $463,933
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $340,721 | $305,910 |
| Second mortgage | — | — |
| First P&I | $1,961.90 | $2,118.06 |
| Second P&I | — | — |
| Mortgage insurance | $259.46 | $61.18 |
| Taxes, insurance & HOA | $317.50 | $317.50 |
| Total housing payment | $2,538.87 | $2,496.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,219
Usable credit−$0
Total buyer cash needed$10,219
Earnest money paid−$0
Remaining funds due$10,219
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,399.00
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)$334.50
Initial HOA (3 months)$168.00
Prepaid interest, first (2 days)$92.97
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 closing25 yr 8 moOf the original 30-year loan at 4.980%
Interest already paid$76,440Through Nov 2026
Assumption only · ends Jul 2052$313,296
New conventional · ends Dec 2056$463,933