Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,249/mo
+$69/mo- Down payment
- $24,654
- Funds due
- $36,064
- Interest + MI left
- $436,478
- First ends
- Sep 2052
New loan
New conventional
$3,181/mo
Lowest payment- Down payment
- $43,000
- Funds due
- $52,194
- Interest + MI left
- $586,910
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $405,345 | $386,999 |
| Second mortgage | — | — |
| First P&I | $2,520.76 | $2,679.50 |
| Second P&I | — | — |
| Mortgage insurance | $304.97 | $77.40 |
| Taxes, insurance & HOA | $423.67 | $423.67 |
| Total housing payment | $3,249.40 | $3,180.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,654
Closing costs & prepaids$11,410
Usable credit−$0
Total buyer cash needed$36,064
Earnest money paid−$0
Remaining funds due$36,064
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,299.99
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)$599.00
Initial HOA (3 months)$222.00
Prepaid interest, first (1 days)$64.19
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 5.780%
Interest already paid$100,837Through Nov 2026
Assumption only · ends Sep 2052$436,478
New conventional · ends Dec 2056$586,910