Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,505/mo
Lowest payment- Down payment
- $38,498
- Funds due
- $49,508
- Interest + MI left
- $248,120
- First ends
- May 2052
New loan
New conventional
$2,964/mo
+$459/mo- Down payment
- $39,990
- Funds due
- $48,836
- Interest + MI left
- $545,828
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $361,402 | $359,910 |
| Second mortgage | — | — |
| First P&I | $1,824.27 | $2,491.94 |
| Second P&I | — | — |
| Mortgage insurance | $281.08 | $71.98 |
| Taxes, insurance & HOA | $399.75 | $399.75 |
| Total housing payment | $2,505.11 | $2,963.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,498
Closing costs & prepaids$11,010
Usable credit−$0
Total buyer cash needed$49,508
Earnest money paid−$0
Remaining funds due$49,508
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,999.00
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)$548.25
Initial HOA (3 months)$201.00
Prepaid interest, first (1 days)$36.54
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 6 moOf the original 30-year loan at 3.690%
Interest already paid$63,087Through Nov 2026
Assumption only · ends May 2052$248,120
New conventional · ends Dec 2056$545,828