Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,353/mo
+$760/mo- Down payment
- $0
- Funds due
- $8,947
- Interest + MI left
- $319,318
- First ends
- Sep 2052
New loan
New conventional
$1,593/mo
Lowest payment- Down payment
- $17,900
- Funds due
- $24,854
- Interest + MI left
- $244,319
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $251,972 | $161,100 |
| Second mortgage | — | — |
| First P&I | $1,719.49 | $1,115.42 |
| Second P&I | — | — |
| Mortgage insurance | $187.79 | $32.22 |
| Taxes, insurance & HOA | $445.25 | $445.25 |
| Total housing payment | $2,352.53 | $1,592.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$8,947
Usable credit−$0
Total buyer cash needed$8,947
Earnest money paid−$0
Remaining funds due$8,947
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,790.00
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)$165.75
Initial HOA (3 months)$720.00
Prepaid interest, first (1 days)$46.60
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 6.750%
Interest already paid$72,838Through Nov 2026
Assumption only · ends Sep 2052$319,318
New conventional · ends Dec 2056$244,319