Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,266/mo
+$523/mo- Down payment
- $0
- Funds due
- $10,807
- Interest + MI left
- $520,307
- First ends
- Dec 2053
New loan
New conventional
$2,744/mo
Lowest payment- Down payment
- $36,250
- Funds due
- $44,878
- Interest + MI left
- $494,780
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $385,208 | $326,250 |
| Second mortgage | — | — |
| First P&I | $2,664.39 | $2,258.89 |
| Second P&I | — | — |
| Mortgage insurance | $182.26 | $65.25 |
| Taxes, insurance & HOA | $419.42 | $419.42 |
| Total housing payment | $3,266.07 | $2,743.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,807
Usable credit−$0
Total buyer cash needed$10,807
Earnest money paid−$0
Remaining funds due$10,807
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,625.00
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)$556.25
Initial HOA (3 months)$252.00
Prepaid interest, first (2 days)$149.23
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 closing27 yr 1 moOf the original 30-year loan at 7.070%
Interest already paid$80,798Through Nov 2026
Assumption only · ends Dec 2053$520,307
New conventional · ends Dec 2056$494,780