Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,989/mo
+$540/mo- Down payment
- $0
- Funds due
- $10,678
- Interest + MI left
- $398,043
- First ends
- Sep 2052
New loan
New conventional
$2,449/mo
Lowest payment- Down payment
- $33,690
- Funds due
- $42,238
- Interest + MI left
- $443,343
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $388,911 | $303,210 |
| Second mortgage | — | — |
| First P&I | $2,360.66 | $2,054.05 |
| Second P&I | — | — |
| Mortgage insurance | $293.85 | $60.64 |
| Taxes, insurance & HOA | $334.75 | $334.75 |
| Total housing payment | $2,989.26 | $2,449.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,678
Usable credit−$0
Total buyer cash needed$10,678
Earnest money paid−$0
Remaining funds due$10,678
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)$404.25
Initial HOA (3 months)$150.00
Prepaid interest, first (9 days)$529.35
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 9 moOf the original 30-year loan at 5.52%
Interest already paid$94,459Through Dec 2026
Assumption only · ends Sep 2052$398,043
New conventional · ends Jan 2057$443,343