Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,362/mo
Lowest payment- Down payment
- $17,072
- Funds due
- $27,293
- Interest + MI left
- $271,115
- First ends
- Jun 2052
New loan
New conventional
$2,481/mo
+$119/mo- Down payment
- $32,900
- Funds due
- $41,012
- Interest + MI left
- $449,056
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $311,928 | $296,100 |
| Second mortgage | — | — |
| First P&I | $1,751.84 | $2,050.14 |
| Second P&I | — | — |
| Mortgage insurance | $238.71 | $59.22 |
| Taxes, insurance & HOA | $371.92 | $371.92 |
| Total housing payment | $2,362.46 | $2,481.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,072
Closing costs & prepaids$10,221
Usable credit−$0
Total buyer cash needed$27,293
Earnest money paid−$0
Remaining funds due$27,293
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,290.00
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)$434.75
Initial HOA (3 months)$231.00
Prepaid interest, first (1 days)$40.34
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 4.720%
Interest already paid$67,779Through Nov 2026
Assumption only · ends Jun 2052$271,115
New conventional · ends Dec 2056$449,056