Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,781/mo
Lowest payment- Down payment
- $28,365
- Funds due
- $39,257
- Interest + MI left
- $342,642
- First ends
- Jul 2052
New loan
New conventional
$2,923/mo
+$142/mo- Down payment
- $40,100
- Funds due
- $48,813
- Interest + MI left
- $547,329
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $372,635 | $360,900 |
| Second mortgage | — | — |
| First P&I | $2,145.67 | $2,498.80 |
| Second P&I | — | — |
| Mortgage insurance | $283.77 | $72.18 |
| Taxes, insurance & HOA | $351.92 | $351.92 |
| Total housing payment | $2,781.35 | $2,922.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,365
Closing costs & prepaids$10,892
Usable credit−$0
Total buyer cash needed$39,257
Earnest money paid−$0
Remaining funds due$39,257
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,010.00
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)$335.75
Initial HOA (3 months)$270.00
Prepaid interest, first (1 days)$50.84
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$83,599Through Nov 2026
Assumption only · ends Jul 2052$342,642
New conventional · ends Dec 2056$547,329