Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,805/mo
+$528/mo- Down payment
- $0
- Funds due
- $10,450
- Interest + MI left
- $365,986
- First ends
- Jun 2051
New loan
New conventional
$2,276/mo
Lowest payment- Down payment
- $30,500
- Funds due
- $38,792
- Interest + MI left
- $401,364
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $336,000 | $274,500 |
| Second mortgage | — | — |
| First P&I | $2,287.27 | $1,859.56 |
| Second P&I | — | — |
| Mortgage insurance | $155.26 | $54.90 |
| Taxes, insurance & HOA | $362.00 | $362.00 |
| Total housing payment | $2,804.53 | $2,276.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,450
Usable credit−$0
Total buyer cash needed$10,450
Earnest money paid−$0
Remaining funds due$10,450
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,050.00
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)$366.00
Initial HOA (3 months)$270.00
Prepaid interest, first (9 days)$538.52
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 closing24 yr 6 moOf the original 25-year loan at 6.5%
Interest already paid$10,972Through Dec 2026
Assumption only · ends Jun 2051$365,986
New conventional · ends Jan 2057$401,364