Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,794/mo
Lowest payment- Down payment
- $44,999
- Funds due
- $56,468
- Interest + MI left
- $346,182
- First ends
- Jul 2052
New loan
New conventional
$2,921/mo
+$127/mo- Down payment
- $40,000
- Funds due
- $49,442
- Interest + MI left
- $526,378
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $355,000 | $359,999 |
| Second mortgage | — | — |
| First P&I | $2,114.47 | $2,438.76 |
| Second P&I | — | — |
| Mortgage insurance | $269.72 | $72.00 |
| Taxes, insurance & HOA | $410.00 | $410.00 |
| Total housing payment | $2,794.18 | $2,920.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,999
Closing costs & prepaids$11,469
Usable credit−$0
Total buyer cash needed$56,468
Earnest money paid−$0
Remaining funds due$56,468
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,999.99
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)$480.00
Initial HOA (3 months)$300.00
Prepaid interest, first (9 days)$463.93
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 5.3%
Interest already paid$86,291Through Dec 2026
Assumption only · ends Jul 2052$346,182
New conventional · ends Jan 2057$526,378