Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,114/mo
+$421/mo- Down payment
- $0
- Funds due
- $10,753
- Interest + MI left
- $448,864
- First ends
- Nov 2052
New loan
New conventional
$2,693/mo
Lowest payment- Down payment
- $34,998
- Funds due
- $43,599
- Interest + MI left
- $477,691
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $354,386 | $314,982 |
| Second mortgage | — | — |
| First P&I | $2,401.34 | $2,180.87 |
| Second P&I | — | — |
| Mortgage insurance | $263.60 | $63.00 |
| Taxes, insurance & HOA | $449.50 | $449.50 |
| Total housing payment | $3,114.44 | $2,693.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,753
Usable credit−$0
Total buyer cash needed$10,753
Earnest money paid−$0
Remaining funds due$10,753
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,499.80
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)$574.50
Initial HOA (3 months)$324.00
Prepaid interest, first (2 days)$130.10
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 yrOf the original 30-year loan at 6.700%
Interest already paid$97,510Through Nov 2026
Assumption only · ends Nov 2052$448,864
New conventional · ends Dec 2056$477,691