Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,128/mo
+$474/mo- Down payment
- $0
- Funds due
- $11,022
- Interest + MI left
- $416,949
- First ends
- Oct 2052
New loan
New conventional
$2,654/mo
Lowest payment- Down payment
- $37,000
- Funds due
- $45,889
- Interest + MI left
- $486,901
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $414,332 | $333,000 |
| Second mortgage | — | — |
| First P&I | $2,483.88 | $2,255.86 |
| Second P&I | — | — |
| Mortgage insurance | $312.98 | $66.60 |
| Taxes, insurance & HOA | $331.33 | $331.33 |
| Total housing payment | $3,128.18 | $2,653.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,022
Usable credit−$0
Total buyer cash needed$11,022
Earnest money paid−$0
Remaining funds due$11,022
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,700.00
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)$444.00
Initial HOA (3 months)$99.99
Prepaid interest, first (9 days)$552.71
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 10 moOf the original 30-year loan at 5.41%
Interest already paid$96,677Through Dec 2026
Assumption only · ends Oct 2052$416,949
New conventional · ends Jan 2057$486,901