Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,953/mo
Lowest payment- Down payment
- $16,246
- Funds due
- $27,967
- Interest + MI left
- $336,971
- First ends
- Jul 2052
New loan
New conventional
$2,962/mo
+$9/mo- Down payment
- $38,400
- Funds due
- $48,098
- Interest + MI left
- $505,324
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $367,754 | $345,600 |
| Second mortgage | — | — |
| First P&I | $2,120.98 | $2,341.21 |
| Second P&I | — | — |
| Mortgage insurance | $280.50 | $69.12 |
| Taxes, insurance & HOA | $551.58 | $551.58 |
| Total housing payment | $2,953.06 | $2,961.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,246
Closing costs & prepaids$11,721
Usable credit−$0
Total buyer cash needed$27,967
Earnest money paid−$0
Remaining funds due$27,967
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,840.00
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)$460.75
Initial HOA (3 months)$744.00
Prepaid interest, first (9 days)$451.58
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 7 moOf the original 30-year loan at 4.98%
Interest already paid$84,166Through Dec 2026
Assumption only · ends Jul 2052$336,971
New conventional · ends Jan 2057$505,324