Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,735/mo
Lowest payment- Down payment
- $20,353
- Funds due
- $31,540
- Interest + MI left
- $331,391
- First ends
- Aug 2052
New loan
New conventional
$2,754/mo
+$20/mo- Down payment
- $37,300
- Funds due
- $46,466
- Interest + MI left
- $490,847
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $352,646 | $335,699 |
| Second mortgage | — | — |
| First P&I | $2,053.36 | $2,274.14 |
| Second P&I | — | — |
| Mortgage insurance | $268.19 | $67.14 |
| Taxes, insurance & HOA | $413.17 | $413.17 |
| Total housing payment | $2,734.72 | $2,754.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,353
Closing costs & prepaids$11,187
Usable credit−$0
Total buyer cash needed$31,540
Earnest money paid−$0
Remaining funds due$31,540
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,729.99
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)$447.50
Initial HOA (3 months)$342.00
Prepaid interest, first (9 days)$442.59
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 8 moOf the original 30-year loan at 5.09%
Interest already paid$80,806Through Dec 2026
Assumption only · ends Aug 2052$331,391
New conventional · ends Jan 2057$490,847