Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,753/mo
Lowest payment- Down payment
- $36,737
- Funds due
- $48,084
- Interest + MI left
- $285,073
- First ends
- May 2052
New loan
New conventional
$3,213/mo
+$459/mo- Down payment
- $44,490
- Funds due
- $53,631
- Interest + MI left
- $607,249
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $408,163 | $400,410 |
| Second mortgage | — | — |
| First P&I | $2,075.91 | $2,772.36 |
| Second P&I | — | — |
| Mortgage insurance | $317.12 | $80.08 |
| Taxes, insurance & HOA | $360.25 | $360.25 |
| Total housing payment | $2,753.28 | $3,212.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,737
Closing costs & prepaids$11,347
Usable credit−$0
Total buyer cash needed$48,084
Earnest money paid−$0
Remaining funds due$48,084
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,449.00
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)$489.75
Initial HOA (3 months)$141.00
Prepaid interest, first (1 days)$42.05
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 3.760%
Interest already paid$72,562Through Nov 2026
Assumption only · ends May 2052$285,073
New conventional · ends Dec 2056$607,249