Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,011/mo
Lowest payment- Down payment
- $37,682
- Funds due
- $49,045
- Interest + MI left
- $382,599
- First ends
- Oct 2052
New loan
New conventional
$3,150/mo
+$140/mo- Down payment
- $42,450
- Funds due
- $51,609
- Interest + MI left
- $579,405
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $386,818 | $382,050 |
| Second mortgage | — | — |
| First P&I | $2,290.03 | $2,645.24 |
| Second P&I | — | — |
| Mortgage insurance | $292.11 | $76.41 |
| Taxes, insurance & HOA | $428.67 | $428.67 |
| Total housing payment | $3,010.81 | $3,150.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,682
Closing costs & prepaids$11,362
Usable credit−$0
Total buyer cash needed$49,045
Earnest money paid−$0
Remaining funds due$49,045
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,245.00
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)$626.00
Initial HOA (3 months)$210.00
Prepaid interest, first (1 days)$56.17
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 5.300%
Interest already paid$86,637Through Nov 2026
Assumption only · ends Oct 2052$382,599
New conventional · ends Dec 2056$579,405