Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,839/mo
Lowest payment- Down payment
- $38,992
- Funds due
- $50,149
- Interest + MI left
- $358,523
- First ends
- Oct 2052
New loan
New conventional
$2,972/mo
+$133/mo- Down payment
- $39,400
- Funds due
- $48,402
- Interest + MI left
- $537,775
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $355,008 | $354,600 |
| Second mortgage | — | — |
| First P&I | $2,125.09 | $2,455.18 |
| Second P&I | — | — |
| Mortgage insurance | $267.77 | $70.92 |
| Taxes, insurance & HOA | $445.67 | $445.67 |
| Total housing payment | $2,838.53 | $2,971.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,992
Closing costs & prepaids$11,157
Usable credit−$0
Total buyer cash needed$50,149
Earnest money paid−$0
Remaining funds due$50,149
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,940.00
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)$575.00
Initial HOA (3 months)$312.00
Prepaid interest, first (2 days)$105.24
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 closing25 yr 11 moOf the original 30-year loan at 5.410%
Interest already paid$81,112Through Nov 2026
Assumption only · ends Oct 2052$358,523
New conventional · ends Dec 2056$537,775