Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,550/mo
Lowest payment- Down payment
- $28,673
- Funds due
- $39,359
- Interest + MI left
- $300,314
- First ends
- Jul 2052
New loan
New conventional
$2,675/mo
+$125/mo- Down payment
- $34,700
- Funds due
- $43,276
- Interest + MI left
- $473,624
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $318,327 | $312,300 |
| Second mortgage | — | — |
| First P&I | $1,857.28 | $2,162.30 |
| Second P&I | — | — |
| Mortgage insurance | $242.03 | $62.46 |
| Taxes, insurance & HOA | $450.33 | $450.33 |
| Total housing payment | $2,549.64 | $2,675.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,673
Closing costs & prepaids$10,685
Usable credit−$0
Total buyer cash needed$39,359
Earnest money paid−$0
Remaining funds due$39,359
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,470.00
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)$616.00
Initial HOA (3 months)$285.00
Prepaid interest, first (2 days)$89.13
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 5.110%
Interest already paid$73,219Through Nov 2026
Assumption only · ends Jul 2052$300,314
New conventional · ends Dec 2056$473,624