Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,912/mo
Lowest payment- Down payment
- $6,474
- Funds due
- $17,683
- Interest + MI left
- $324,654
- First ends
- Jun 2052
New loan
New conventional
$2,965/mo
+$53/mo- Down payment
- $38,000
- Funds due
- $47,051
- Interest + MI left
- $518,666
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $373,526 | $342,000 |
| Second mortgage | — | — |
| First P&I | $2,097.79 | $2,367.94 |
| Second P&I | — | — |
| Mortgage insurance | $285.84 | $68.40 |
| Taxes, insurance & HOA | $528.75 | $528.75 |
| Total housing payment | $2,912.39 | $2,965.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$6,474
Closing costs & prepaids$11,210
Usable credit−$0
Total buyer cash needed$17,683
Earnest money paid−$0
Remaining funds due$17,683
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,800.00
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)$812.25
Initial HOA (3 months)$324.00
Prepaid interest, first (1 days)$48.30
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$81,164Through Nov 2026
Assumption only · ends Jun 2052$324,654
New conventional · ends Dec 2056$518,666