Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,314/mo
Lowest payment- Down payment
- $30,617
- Funds due
- $42,522
- Interest + MI left
- $406,304
- First ends
- Aug 2052
New loan
New conventional
$3,408/mo
+$94/mo- Down payment
- $44,990
- Funds due
- $54,668
- Interest + MI left
- $614,073
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $419,283 | $404,910 |
| Second mortgage | — | — |
| First P&I | $2,472.28 | $2,803.52 |
| Second P&I | — | — |
| Mortgage insurance | $317.84 | $80.98 |
| Taxes, insurance & HOA | $523.83 | $523.83 |
| Total housing payment | $3,313.95 | $3,408.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,617
Closing costs & prepaids$11,906
Usable credit−$0
Total buyer cash needed$42,522
Earnest money paid−$0
Remaining funds due$42,522
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,499.00
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)$742.00
Initial HOA (3 months)$379.50
Prepaid interest, first (1 days)$60.08
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 9 moOf the original 30-year loan at 5.230%
Interest already paid$96,652Through Nov 2026
Assumption only · ends Aug 2052$406,304
New conventional · ends Dec 2056$614,073