Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,480/mo
Lowest payment- Down payment
- $34,311
- Funds due
- $45,490
- Interest + MI left
- $246,826
- First ends
- May 2052
New loan
New conventional
$2,854/mo
+$374/mo- Down payment
- $39,500
- Funds due
- $48,784
- Interest + MI left
- $519,800
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $360,689 | $355,500 |
| Second mortgage | — | — |
| First P&I | $1,824.27 | $2,408.28 |
| Second P&I | — | — |
| Mortgage insurance | $281.08 | $71.10 |
| Taxes, insurance & HOA | $375.00 | $375.00 |
| Total housing payment | $2,480.36 | $2,854.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,311
Closing costs & prepaids$11,178
Usable credit−$0
Total buyer cash needed$45,490
Earnest money paid−$0
Remaining funds due$45,490
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,950.00
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)$474.00
Initial HOA (3 months)$201.00
Prepaid interest, first (9 days)$328.18
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 5 moOf the original 30-year loan at 3.69%
Interest already paid$64,199Through Dec 2026
Assumption only · ends May 2052$246,826
New conventional · ends Jan 2057$519,800