Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,961/mo
Lowest payment- Down payment
- $15,653
- Funds due
- $27,047
- Interest + MI left
- $338,699
- First ends
- Jul 2052
New loan
New conventional
$3,021/mo
+$61/mo- Down payment
- $38,400
- Funds due
- $47,650
- Interest + MI left
- $524,126
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $368,347 | $345,600 |
| Second mortgage | — | — |
| First P&I | $2,120.98 | $2,392.86 |
| Second P&I | — | — |
| Mortgage insurance | $280.50 | $69.12 |
| Taxes, insurance & HOA | $559.50 | $559.50 |
| Total housing payment | $2,960.98 | $3,021.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,653
Closing costs & prepaids$11,394
Usable credit−$0
Total buyer cash needed$27,047
Earnest money paid−$0
Remaining funds due$27,047
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,840.00
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)$484.50
Initial HOA (3 months)$744.00
Prepaid interest, first (2 days)$100.51
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 8 moOf the original 30-year loan at 4.980%
Interest already paid$82,637Through Nov 2026
Assumption only · ends Jul 2052$338,699
New conventional · ends Dec 2056$524,126