Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,192/mo
+$239/mo- Down payment
- $0
- Funds due
- $11,598
- Interest + MI left
- $408,706
- First ends
- Nov 2052
New loan
New conventional
$2,953/mo
Lowest payment- Down payment
- $40,500
- Funds due
- $49,998
- Interest + MI left
- $532,959
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $419,602 | $364,500 |
| Second mortgage | — | — |
| First P&I | $2,464.12 | $2,469.25 |
| Second P&I | — | — |
| Mortgage insurance | $317.15 | $72.90 |
| Taxes, insurance & HOA | $411.00 | $411.00 |
| Total housing payment | $3,192.27 | $2,953.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,598
Usable credit−$0
Total buyer cash needed$11,598
Earnest money paid−$0
Remaining funds due$11,598
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,050.00
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)$486.00
Initial HOA (3 months)$297.00
Prepaid interest, first (9 days)$540.08
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 11 moOf the original 30-year loan at 5.22%
Interest already paid$92,604Through Dec 2026
Assumption only · ends Nov 2052$408,706
New conventional · ends Jan 2057$532,959