Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,904/mo
Lowest payment- Down payment
- $0
- Funds due
- $11,439
- Interest + MI left
- $314,127
- First ends
- Jun 2052
New loan
New conventional
$2,922/mo
+$17/mo- Down payment
- $39,880
- Funds due
- $49,335
- Interest + MI left
- $524,800
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $408,502 | $358,920 |
| Second mortgage | — | — |
| First P&I | $2,170.34 | $2,431.45 |
| Second P&I | — | — |
| Mortgage insurance | $315.50 | $71.78 |
| Taxes, insurance & HOA | $418.50 | $418.50 |
| Total housing payment | $2,904.34 | $2,921.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,439
Usable credit−$0
Total buyer cash needed$11,439
Earnest money paid−$0
Remaining funds due$11,439
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,988.00
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)$478.50
Initial HOA (3 months)$327.00
Prepaid interest, first (9 days)$420.03
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 6 moOf the original 30-year loan at 4.17%
Interest already paid$80,290Through Dec 2026
Assumption only · ends Jun 2052$314,127
New conventional · ends Jan 2057$524,800