Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,179/mo
+$240/mo- Down payment
- $0
- Funds due
- $11,743
- Interest + MI left
- $401,569
- First ends
- Dec 2054
New loan
New conventional
$2,940/mo
Lowest payment- Down payment
- $35,399
- Funds due
- $45,007
- Interest + MI left
- $460,410
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $398,127 | $318,591 |
| Second mortgage | — | — |
| First P&I | $2,264.04 | $2,143.18 |
| Second P&I | — | — |
| Mortgage insurance | $182.47 | $63.72 |
| Taxes, insurance & HOA | $732.92 | $732.92 |
| Total housing payment | $3,179.43 | $2,939.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,743
Usable credit−$0
Total buyer cash needed$11,743
Earnest money paid−$0
Remaining funds due$11,743
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,539.90
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)$902.75
Initial HOA (3 months)$846.00
Prepaid interest, first (4 days)$229.06
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 closing28 yrOf the original 30-year loan at 5.25%
Interest already paid$42,463Through Dec 2026
Assumption only · ends Dec 2054$401,569
New conventional · ends Jan 2057$460,410