Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,800/mo
+$932/mo- Down payment
- $0
- Funds due
- $11,004
- Interest + MI left
- $586,938
- First ends
- Feb 2052
New loan
New conventional
$2,868/mo
Lowest payment- Down payment
- $38,500
- Funds due
- $47,279
- Interest + MI left
- $525,491
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $423,586 | $346,500 |
| Second mortgage | — | — |
| First P&I | $3,200.28 | $2,399.10 |
| Second P&I | — | — |
| Mortgage insurance | $200.26 | $69.30 |
| Taxes, insurance & HOA | $399.50 | $399.50 |
| Total housing payment | $3,800.04 | $2,867.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,004
Usable credit−$0
Total buyer cash needed$11,004
Earnest money paid−$0
Remaining funds due$11,004
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,850.00
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)$538.50
Initial HOA (3 months)$210.00
Prepaid interest, first (2 days)$180.81
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 closing25 yr 3 moOf the original 28-year loan at 7.790%
Interest already paid$92,266Through Nov 2026
Assumption only · ends Feb 2052$586,938
New conventional · ends Dec 2056$525,491