Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,115/mo
Lowest payment- Down payment
- $43,801
- Funds due
- $55,317
- Interest + MI left
- $403,357
- First ends
- Sep 2052
New loan
New conventional
$3,237/mo
+$122/mo- Down payment
- $43,650
- Funds due
- $52,949
- Interest + MI left
- $595,782
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $392,698 | $392,849 |
| Second mortgage | — | — |
| First P&I | $2,380.16 | $2,720.01 |
| Second P&I | — | — |
| Mortgage insurance | $296.28 | $78.57 |
| Taxes, insurance & HOA | $438.75 | $438.75 |
| Total housing payment | $3,115.19 | $3,237.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,801
Closing costs & prepaids$11,516
Usable credit−$0
Total buyer cash needed$55,317
Earnest money paid−$0
Remaining funds due$55,317
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,364.99
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)$641.25
Initial HOA (3 months)$225.00
Prepaid interest, first (1 days)$59.39
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 10 moOf the original 30-year loan at 5.520%
Interest already paid$93,433Through Nov 2026
Assumption only · ends Sep 2052$403,357
New conventional · ends Dec 2056$595,782