Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,273/mo
Lowest payment- Down payment
- $38,620
- Funds due
- $48,916
- Interest + MI left
- $270,153
- First ends
- Nov 2052
New loan
New conventional
$2,463/mo
+$190/mo- Down payment
- $31,500
- Funds due
- $39,699
- Interest + MI left
- $429,947
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $276,380 | $283,500 |
| Second mortgage | — | — |
| First P&I | $1,620.59 | $1,962.90 |
| Second P&I | — | — |
| Mortgage insurance | $208.58 | $56.70 |
| Taxes, insurance & HOA | $443.83 | $443.83 |
| Total housing payment | $2,273.00 | $2,463.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,620
Closing costs & prepaids$10,296
Usable credit−$0
Total buyer cash needed$48,916
Earnest money paid−$0
Remaining funds due$48,916
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,150.00
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)$146.50
Initial HOA (3 months)$735.00
Prepaid interest, first (1 days)$39.53
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$59,701Through Nov 2026
Assumption only · ends Nov 2052$270,153
New conventional · ends Dec 2056$429,947