Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,884/mo
Lowest payment- Down payment
- $14,080
- Funds due
- $24,963
- Interest + MI left
- $355,488
- First ends
- May 2052
New loan
New conventional
$2,899/mo
+$15/mo- Down payment
- $39,430
- Funds due
- $48,137
- Interest + MI left
- $538,184
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $380,220 | $354,870 |
| Second mortgage | — | — |
| First P&I | $2,223.19 | $2,457.05 |
| Second P&I | — | — |
| Mortgage insurance | $290.04 | $70.97 |
| Taxes, insurance & HOA | $370.58 | $370.58 |
| Total housing payment | $2,883.82 | $2,898.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$14,080
Closing costs & prepaids$10,883
Usable credit−$0
Total buyer cash needed$24,963
Earnest money paid−$0
Remaining funds due$24,963
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,943.00
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)$361.75
Initial HOA (3 months)$300.00
Prepaid interest, first (1 days)$53.13
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 6 moOf the original 30-year loan at 5.100%
Interest already paid$90,807Through Nov 2026
Assumption only · ends May 2052$355,488
New conventional · ends Dec 2056$538,184