Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,776/mo
Lowest payment- Down payment
- $26,939
- Funds due
- $36,284
- Interest + MI left
- $202,560
- First ends
- Oct 2052
New loan
New conventional
$1,903/mo
+$128/mo- Down payment
- $23,490
- Funds due
- $30,813
- Interest + MI left
- $320,617
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $207,961 | $211,410 |
| Second mortgage | — | — |
| First P&I | $1,221.25 | $1,463.76 |
| Second P&I | — | — |
| Mortgage insurance | $157.18 | $42.28 |
| Taxes, insurance & HOA | $397.08 | $397.08 |
| Total housing payment | $1,775.52 | $1,903.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,939
Closing costs & prepaids$9,345
Usable credit−$0
Total buyer cash needed$36,284
Earnest money paid−$0
Remaining funds due$36,284
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,349.00
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)$84.25
Initial HOA (3 months)$657.00
Prepaid interest, first (1 days)$29.74
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 11 moOf the original 30-year loan at 5.220%
Interest already paid$45,896Through Nov 2026
Assumption only · ends Oct 2052$202,560
New conventional · ends Dec 2056$320,617