Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,221/mo
+$869/mo- Down payment
- $0
- Funds due
- $10,662
- Interest + MI left
- $492,089
- First ends
- Jan 2053
New loan
New conventional
$2,352/mo
Lowest payment- Down payment
- $31,800
- Funds due
- $40,212
- Interest + MI left
- $418,472
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $375,094 | $286,200 |
| Second mortgage | — | — |
| First P&I | $2,586.68 | $1,938.82 |
| Second P&I | — | — |
| Mortgage insurance | $278.20 | $57.24 |
| Taxes, insurance & HOA | $356.17 | $356.17 |
| Total housing payment | $3,221.05 | $2,352.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,662
Usable credit−$0
Total buyer cash needed$10,662
Earnest money paid−$0
Remaining funds due$10,662
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,180.00
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)$381.50
Initial HOA (3 months)$237.00
Prepaid interest, first (9 days)$638.17
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 closing26 yr 1 moOf the original 30-year loan at 6.9%
Interest already paid$103,913Through Dec 2026
Assumption only · ends Jan 2053$492,089
New conventional · ends Jan 2057$418,472