Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,234/mo
Lowest payment- Down payment
- $22,661
- Funds due
- $32,547
- Interest + MI left
- $283,699
- First ends
- Nov 2052
New loan
New conventional
$2,320/mo
+$85/mo- Down payment
- $31,290
- Funds due
- $39,079
- Interest + MI left
- $427,081
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $290,239 | $281,610 |
| Second mortgage | — | — |
| First P&I | $1,701.85 | $1,949.81 |
| Second P&I | — | — |
| Mortgage insurance | $219.04 | $56.32 |
| Taxes, insurance & HOA | $313.50 | $313.50 |
| Total housing payment | $2,234.39 | $2,319.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,661
Closing costs & prepaids$9,886
Usable credit−$0
Total buyer cash needed$32,547
Earnest money paid−$0
Remaining funds due$32,547
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,129.00
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)$325.50
Initial HOA (3 months)$165.00
Prepaid interest, first (1 days)$41.51
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 closing26 yrOf the original 30-year loan at 5.220%
Interest already paid$62,695Through Nov 2026
Assumption only · ends Nov 2052$283,699
New conventional · ends Dec 2056$427,081