Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,841/mo
+$373/mo- Down payment
- $0
- Funds due
- $10,469
- Interest + MI left
- $328,842
- First ends
- Aug 2052
New loan
New conventional
$2,469/mo
Lowest payment- Down payment
- $29,900
- Funds due
- $38,276
- Interest + MI left
- $408,108
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $348,021 | $269,100 |
| Second mortgage | — | — |
| First P&I | $2,025.30 | $1,863.19 |
| Second P&I | — | — |
| Mortgage insurance | $264.22 | $53.82 |
| Taxes, insurance & HOA | $551.92 | $551.92 |
| Total housing payment | $2,841.44 | $2,468.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,469
Usable credit−$0
Total buyer cash needed$10,469
Earnest money paid−$0
Remaining funds due$10,469
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,990.00
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)$320.75
Initial HOA (3 months)$885.00
Prepaid interest, first (1 days)$48.63
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 9 moOf the original 30-year loan at 5.100%
Interest already paid$78,293Through Nov 2026
Assumption only · ends Aug 2052$328,842
New conventional · ends Dec 2056$408,108