Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,805/mo
+$44/mo- Down payment
- $16,650
- Funds due
- $27,163
- Interest + MI left
- $383,483
- First ends
- Sep 2052
New loan
New conventional
$2,761/mo
Lowest payment- Down payment
- $39,000
- Funds due
- $47,338
- Interest + MI left
- $532,314
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $373,349 | $350,999 |
| Second mortgage | — | — |
| First P&I | $2,262.88 | $2,430.25 |
| Second P&I | — | — |
| Mortgage insurance | $281.68 | $70.20 |
| Taxes, insurance & HOA | $260.67 | $260.67 |
| Total housing payment | $2,805.23 | $2,761.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,650
Closing costs & prepaids$10,513
Usable credit−$0
Total buyer cash needed$27,163
Earnest money paid−$0
Remaining funds due$27,163
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,899.99
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)$207.00
Initial HOA (3 months)$125.01
Prepaid interest, first (1 days)$56.46
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$88,829Through Nov 2026
Assumption only · ends Sep 2052$383,483
New conventional · ends Dec 2056$532,314