Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,047/mo
Lowest payment- Down payment
- $33,714
- Funds due
- $44,935
- Interest + MI left
- $402,421
- First ends
- Sep 2052
New loan
New conventional
$3,105/mo
+$58/mo- Down payment
- $42,550
- Funds due
- $51,564
- Interest + MI left
- $580,769
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $391,786 | $382,950 |
| Second mortgage | — | — |
| First P&I | $2,374.63 | $2,651.47 |
| Second P&I | — | — |
| Mortgage insurance | $295.59 | $76.59 |
| Taxes, insurance & HOA | $377.25 | $377.25 |
| Total housing payment | $3,047.47 | $3,105.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,714
Closing costs & prepaids$11,221
Usable credit−$0
Total buyer cash needed$44,935
Earnest money paid−$0
Remaining funds due$44,935
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,255.00
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)$246.75
Initial HOA (3 months)$435.00
Prepaid interest, first (1 days)$59.25
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$93,216Through Nov 2026
Assumption only · ends Sep 2052$402,421
New conventional · ends Dec 2056$580,769