Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,196/mo
Lowest payment- Down payment
- $26,138
- Funds due
- $36,094
- Interest + MI left
- $272,577
- First ends
- Nov 2052
New loan
New conventional
$2,306/mo
+$110/mo- Down payment
- $30,500
- Funds due
- $38,382
- Interest + MI left
- $416,296
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $278,861 | $274,499 |
| Second mortgage | — | — |
| First P&I | $1,635.14 | $1,900.58 |
| Second P&I | — | — |
| Mortgage insurance | $210.45 | $54.90 |
| Taxes, insurance & HOA | $350.17 | $350.17 |
| Total housing payment | $2,195.76 | $2,305.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,138
Closing costs & prepaids$9,955
Usable credit−$0
Total buyer cash needed$36,094
Earnest money paid−$0
Remaining funds due$36,094
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,049.99
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)$399.50
Initial HOA (3 months)$201.00
Prepaid interest, first (2 days)$79.76
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 closing26 yrOf the original 30-year loan at 5.220%
Interest already paid$60,237Through Nov 2026
Assumption only · ends Nov 2052$272,577
New conventional · ends Dec 2056$416,296