Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,759/mo
Lowest payment- Down payment
- $14,743
- Funds due
- $25,356
- Interest + MI left
- $353,853
- First ends
- Aug 2052
New loan
New conventional
$2,764/mo
+$6/mo- Down payment
- $37,990
- Funds due
- $46,440
- Interest + MI left
- $518,530
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $365,157 | $341,910 |
| Second mortgage | — | — |
| First P&I | $2,153.12 | $2,367.32 |
| Second P&I | — | — |
| Mortgage insurance | $276.81 | $68.38 |
| Taxes, insurance & HOA | $328.75 | $328.75 |
| Total housing payment | $2,758.68 | $2,764.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$14,743
Closing costs & prepaids$10,613
Usable credit−$0
Total buyer cash needed$25,356
Earnest money paid−$0
Remaining funds due$25,356
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,799.00
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)$323.25
Initial HOA (3 months)$213.00
Prepaid interest, first (1 days)$52.32
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$84,175Through Nov 2026
Assumption only · ends Aug 2052$353,853
New conventional · ends Dec 2056$518,530