Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,706/mo
+$175/mo- Down payment
- $0
- Funds due
- $10,277
- Interest + MI left
- $320,395
- First ends
- Jul 2052
New loan
New conventional
$2,531/mo
Lowest payment- Down payment
- $33,990
- Funds due
- $42,142
- 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 | $371,195 | $305,910 |
| Second mortgage | — | — |
| First P&I | $2,070.50 | $2,118.06 |
| Second P&I | — | — |
| Mortgage insurance | $283.77 | $61.18 |
| Taxes, insurance & HOA | $351.92 | $351.92 |
| Total housing payment | $2,706.18 | $2,531.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,277
Usable credit−$0
Total buyer cash needed$10,277
Earnest money paid−$0
Remaining funds due$10,277
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)$335.75
Initial HOA (3 months)$270.00
Prepaid interest, first (1 days)$47.49
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 8 moOf the original 30-year loan at 4.670%
Interest already paid$78,251Through Nov 2026
Assumption only · ends Jul 2052$320,395
New conventional · ends Dec 2056$463,933