Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,185/mo
Lowest payment- Down payment
- $26,561
- Funds due
- $36,761
- Interest + MI left
- $271,208
- First ends
- Nov 2052
New loan
New conventional
$2,253/mo
+$69/mo- Down payment
- $30,500
- Funds due
- $38,723
- Interest + MI left
- $401,363
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $278,438 | $274,499 |
| Second mortgage | — | — |
| First P&I | $1,635.14 | $1,859.55 |
| Second P&I | — | — |
| Mortgage insurance | $210.45 | $54.90 |
| Taxes, insurance & HOA | $339.00 | $339.00 |
| Total housing payment | $2,184.59 | $2,253.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,561
Closing costs & prepaids$10,200
Usable credit−$0
Total buyer cash needed$36,761
Earnest money paid−$0
Remaining funds due$36,761
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,049.99
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)$366.00
Initial HOA (3 months)$201.00
Prepaid interest, first (9 days)$358.38
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$61,450Through Dec 2026
Assumption only · ends Nov 2052$271,208
New conventional · ends Jan 2057$401,363