Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,622/mo
Lowest payment- Down payment
- $22,480
- Funds due
- $33,202
- Interest + MI left
- $306,975
- First ends
- Jul 2052
New loan
New conventional
$2,726/mo
+$104/mo- Down payment
- $35,500
- Funds due
- $44,086
- Interest + MI left
- $484,543
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $332,520 | $319,500 |
| Second mortgage | — | — |
| First P&I | $1,918.58 | $2,212.15 |
| Second P&I | — | — |
| Mortgage insurance | $253.16 | $63.90 |
| Taxes, insurance & HOA | $450.33 | $450.33 |
| Total housing payment | $2,622.07 | $2,726.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,480
Closing costs & prepaids$10,722
Usable credit−$0
Total buyer cash needed$33,202
Earnest money paid−$0
Remaining funds due$33,202
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,550.00
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)$400.00
Initial HOA (3 months)$501.00
Prepaid interest, first (1 days)$45.55
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 5.000%
Interest already paid$74,890Through Nov 2026
Assumption only · ends Jul 2052$306,975
New conventional · ends Dec 2056$484,543