Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,804/mo
Lowest payment- Down payment
- $39,516
- Funds due
- $50,939
- Interest + MI left
- $356,723
- First ends
- Oct 2052
New loan
New conventional
$2,885/mo
+$80/mo- Down payment
- $39,400
- Funds due
- $48,784
- Interest + MI left
- $518,484
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $354,484 | $354,600 |
| Second mortgage | — | — |
| First P&I | $2,125.09 | $2,402.18 |
| Second P&I | — | — |
| Mortgage insurance | $267.77 | $70.92 |
| Taxes, insurance & HOA | $411.58 | $411.58 |
| Total housing payment | $2,804.44 | $2,884.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,516
Closing costs & prepaids$11,423
Usable credit−$0
Total buyer cash needed$50,939
Earnest money paid−$0
Remaining funds due$50,939
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,940.00
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)$472.75
Initial HOA (3 months)$312.00
Prepaid interest, first (9 days)$472.87
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$82,712Through Dec 2026
Assumption only · ends Oct 2052$356,723
New conventional · ends Jan 2057$518,484