Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,956/mo
+$276/mo- Down payment
- $0
- Funds due
- $11,099
- Interest + MI left
- $382,667
- First ends
- Oct 2052
New loan
New conventional
$2,680/mo
Lowest payment- Down payment
- $36,500
- Funds due
- $45,509
- Interest + MI left
- $480,321
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $380,265 | $328,500 |
| Second mortgage | — | — |
| First P&I | $2,279.65 | $2,225.37 |
| Second P&I | — | — |
| Mortgage insurance | $287.24 | $65.70 |
| Taxes, insurance & HOA | $389.00 | $389.00 |
| Total housing payment | $2,955.89 | $2,680.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,099
Usable credit−$0
Total buyer cash needed$11,099
Earnest money paid−$0
Remaining funds due$11,099
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,650.00
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)$438.00
Initial HOA (3 months)$279.00
Prepaid interest, first (9 days)$507.26
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$88,728Through Dec 2026
Assumption only · ends Oct 2052$382,667
New conventional · ends Jan 2057$480,321