Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,584/mo
Lowest payment- Down payment
- $39,179
- Funds due
- $50,021
- Interest + MI left
- $298,407
- First ends
- Jul 2052
New loan
New conventional
$2,859/mo
+$275/mo- Down payment
- $38,490
- Funds due
- $47,173
- Interest + MI left
- $525,354
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $345,721 | $346,410 |
| Second mortgage | — | — |
| First P&I | $1,928.40 | $2,398.47 |
| Second P&I | — | — |
| Mortgage insurance | $264.29 | $69.28 |
| Taxes, insurance & HOA | $391.08 | $391.08 |
| Total housing payment | $2,583.78 | $2,858.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,179
Closing costs & prepaids$10,841
Usable credit−$0
Total buyer cash needed$50,021
Earnest money paid−$0
Remaining funds due$50,021
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,849.00
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)$513.25
Initial HOA (3 months)$210.00
Prepaid interest, first (1 days)$44.23
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 8 moOf the original 30-year loan at 4.670%
Interest already paid$72,881Through Nov 2026
Assumption only · ends Jul 2052$298,407
New conventional · ends Dec 2056$525,354