Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,961/mo
+$495/mo- Down payment
- $0
- Funds due
- $10,182
- Interest + MI left
- $400,053
- First ends
- Sep 2052
New loan
New conventional
$2,467/mo
Lowest payment- Down payment
- $33,690
- Funds due
- $41,740
- Interest + MI left
- $459,838
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $389,480 | $303,210 |
| Second mortgage | — | — |
| First P&I | $2,360.66 | $2,099.36 |
| Second P&I | — | — |
| Mortgage insurance | $293.85 | $60.64 |
| Taxes, insurance & HOA | $306.58 | $306.58 |
| Total housing payment | $2,961.09 | $2,466.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,182
Usable credit−$0
Total buyer cash needed$10,182
Earnest money paid−$0
Remaining funds due$10,182
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,369.00
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)$319.75
Initial HOA (3 months)$150.00
Prepaid interest, first (2 days)$117.80
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 5.520%
Interest already paid$92,667Through Nov 2026
Assumption only · ends Sep 2052$400,053
New conventional · ends Dec 2056$459,838