Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,617/mo
Lowest payment- Down payment
- $35,459
- Funds due
- $46,522
- Interest + MI left
- $329,509
- First ends
- Oct 2052
New loan
New conventional
$2,685/mo
+$68/mo- Down payment
- $36,290
- Funds due
- $45,331
- Interest + MI left
- $477,558
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $327,441 | $326,610 |
| Second mortgage | — | — |
| First P&I | $1,962.97 | $2,212.57 |
| Second P&I | — | — |
| Mortgage insurance | $247.34 | $65.32 |
| Taxes, insurance & HOA | $407.17 | $407.17 |
| Total housing payment | $2,617.48 | $2,685.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,459
Closing costs & prepaids$11,062
Usable credit−$0
Total buyer cash needed$46,522
Earnest money paid−$0
Remaining funds due$46,522
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,629.00
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)$435.50
Initial HOA (3 months)$336.00
Prepaid interest, first (9 days)$436.80
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 10 moOf the original 30-year loan at 5.41%
Interest already paid$76,402Through Dec 2026
Assumption only · ends Oct 2052$329,509
New conventional · ends Jan 2057$477,558