Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,222/mo
+$127/mo- Down payment
- $25,222
- Funds due
- $37,062
- Interest + MI left
- $434,297
- First ends
- Sep 2052
New loan
New conventional
$3,095/mo
Lowest payment- Down payment
- $43,000
- Funds due
- $52,718
- Interest + MI left
- $565,857
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $404,777 | $386,999 |
| Second mortgage | — | — |
| First P&I | $2,520.76 | $2,621.67 |
| Second P&I | — | — |
| Mortgage insurance | $304.97 | $77.40 |
| Taxes, insurance & HOA | $396.00 | $396.00 |
| Total housing payment | $3,221.73 | $3,095.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,222
Closing costs & prepaids$11,840
Usable credit−$0
Total buyer cash needed$37,062
Earnest money paid−$0
Remaining funds due$37,062
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,299.99
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)$516.00
Initial HOA (3 months)$222.00
Prepaid interest, first (9 days)$576.89
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 9 moOf the original 30-year loan at 5.78%
Interest already paid$102,790Through Dec 2026
Assumption only · ends Sep 2052$434,297
New conventional · ends Jan 2057$565,857