Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,251/mo
Lowest payment- Down payment
- $23,100
- Funds due
- $33,368
- Interest + MI left
- $282,274
- First ends
- Nov 2052
New loan
New conventional
$2,294/mo
+$43/mo- Down payment
- $31,290
- Funds due
- $39,570
- Interest + MI left
- $411,760
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $289,800 | $281,610 |
| Second mortgage | — | — |
| First P&I | $1,701.85 | $1,907.72 |
| Second P&I | — | — |
| Mortgage insurance | $219.04 | $56.32 |
| Taxes, insurance & HOA | $330.17 | $330.17 |
| Total housing payment | $2,251.06 | $2,294.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,100
Closing costs & prepaids$10,268
Usable credit−$0
Total buyer cash needed$33,368
Earnest money paid−$0
Remaining funds due$33,368
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,129.00
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)$375.50
Initial HOA (3 months)$165.00
Prepaid interest, first (9 days)$373.01
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 11 moOf the original 30-year loan at 5.22%
Interest already paid$63,958Through Dec 2026
Assumption only · ends Nov 2052$282,274
New conventional · ends Jan 2057$411,760