Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,971/mo
Lowest payment- Down payment
- $37,432
- Funds due
- $48,556
- Interest + MI left
- $392,952
- First ends
- Sep 2052
New loan
New conventional
$3,056/mo
+$85/mo- Down payment
- $42,000
- Funds due
- $50,923
- Interest + MI left
- $573,262
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $382,568 | $378,000 |
| Second mortgage | — | — |
| First P&I | $2,318.76 | $2,617.20 |
| Second P&I | — | — |
| Mortgage insurance | $288.63 | $75.60 |
| Taxes, insurance & HOA | $363.67 | $363.67 |
| Total housing payment | $2,971.06 | $3,056.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,432
Closing costs & prepaids$11,124
Usable credit−$0
Total buyer cash needed$48,556
Earnest money paid−$0
Remaining funds due$48,556
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,200.00
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)$329.00
Initial HOA (3 months)$312.00
Prepaid interest, first (1 days)$57.86
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$91,023Through Nov 2026
Assumption only · ends Sep 2052$392,952
New conventional · ends Dec 2056$573,262