Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,660/mo
Lowest payment- Down payment
- $8,277
- Funds due
- $18,873
- Interest + MI left
- $314,367
- First ends
- Jun 2052
New loan
New conventional
$2,669/mo
+$9/mo- Down payment
- $35,000
- Funds due
- $43,463
- Interest + MI left
- $477,719
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $341,723 | $315,000 |
| Second mortgage | — | — |
| First P&I | $1,974.85 | $2,181.00 |
| Second P&I | — | — |
| Mortgage insurance | $260.58 | $63.00 |
| Taxes, insurance & HOA | $424.75 | $424.75 |
| Total housing payment | $2,660.18 | $2,668.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$8,277
Closing costs & prepaids$10,596
Usable credit−$0
Total buyer cash needed$18,873
Earnest money paid−$0
Remaining funds due$18,873
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
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)$473.25
Initial HOA (3 months)$351.00
Prepaid interest, first (1 days)$46.81
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 7 moOf the original 30-year loan at 5.000%
Interest already paid$78,512Through Nov 2026
Assumption only · ends Jun 2052$314,367
New conventional · ends Dec 2056$477,719