Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,389/mo
+$568/mo- Down payment
- $0
- Funds due
- $9,530
- Interest + MI left
- $302,310
- First ends
- Oct 2052
New loan
New conventional
$1,821/mo
Lowest payment- Down payment
- $23,889
- Funds due
- $31,359
- Interest + MI left
- $314,364
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $311,466 | $214,999 |
| Second mortgage | — | — |
| First P&I | $1,831.88 | $1,456.48 |
| Second P&I | — | — |
| Mortgage insurance | $235.78 | $43.00 |
| Taxes, insurance & HOA | $321.58 | $321.58 |
| Total housing payment | $2,389.24 | $1,821.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,530
Usable credit−$0
Total buyer cash needed$9,530
Earnest money paid−$0
Remaining funds due$9,530
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,388.88
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)$286.75
Initial HOA (3 months)$228.00
Prepaid interest, first (9 days)$400.90
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 10 moOf the original 30-year loan at 5.22%
Interest already paid$70,201Through Dec 2026
Assumption only · ends Oct 2052$302,310
New conventional · ends Jan 2057$314,364