Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,704/mo
Lowest payment- Down payment
- $27,575
- Funds due
- $38,364
- Interest + MI left
- $339,597
- First ends
- Nov 2052
New loan
New conventional
$2,809/mo
+$105/mo- Down payment
- $37,500
- Funds due
- $46,133
- Interest + MI left
- $511,841
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $347,425 | $337,500 |
| Second mortgage | — | — |
| First P&I | $2,037.17 | $2,336.78 |
| Second P&I | — | — |
| Mortgage insurance | $262.20 | $67.50 |
| Taxes, insurance & HOA | $404.75 | $404.75 |
| Total housing payment | $2,704.12 | $2,809.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,575
Closing costs & prepaids$10,789
Usable credit−$0
Total buyer cash needed$38,364
Earnest money paid−$0
Remaining funds due$38,364
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,750.00
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)$521.25
Initial HOA (3 months)$243.00
Prepaid interest, first (1 days)$49.69
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$75,048Through Nov 2026
Assumption only · ends Nov 2052$339,597
New conventional · ends Dec 2056$511,841