Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,994/mo
Lowest payment- Down payment
- $34,369
- Funds due
- $45,760
- Interest + MI left
- $361,948
- First ends
- Jul 2052
New loan
New conventional
$3,172/mo
+$178/mo- Down payment
- $42,800
- Funds due
- $51,987
- Interest + MI left
- $584,182
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $393,631 | $385,200 |
| Second mortgage | — | — |
| First P&I | $2,266.57 | $2,667.05 |
| Second P&I | — | — |
| Mortgage insurance | $299.75 | $77.04 |
| Taxes, insurance & HOA | $427.42 | $427.42 |
| Total housing payment | $2,993.74 | $3,171.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,369
Closing costs & prepaids$11,391
Usable credit−$0
Total buyer cash needed$45,760
Earnest money paid−$0
Remaining funds due$45,760
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,280.00
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)$589.25
Initial HOA (3 months)$243.00
Prepaid interest, first (1 days)$53.71
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 8 moOf the original 30-year loan at 4.980%
Interest already paid$88,310Through Nov 2026
Assumption only · ends Jul 2052$361,948
New conventional · ends Dec 2056$584,182