Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,824/mo
Lowest payment- Down payment
- $27,334
- Funds due
- $38,776
- Interest + MI left
- $344,838
- First ends
- Oct 2052
New loan
New conventional
$2,911/mo
+$87/mo- Down payment
- $39,900
- Funds due
- $49,322
- Interest + MI left
- $525,064
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $371,666 | $359,100 |
| Second mortgage | — | — |
| First P&I | $2,135.45 | $2,432.67 |
| Second P&I | — | — |
| Mortgage insurance | $282.09 | $71.82 |
| Taxes, insurance & HOA | $406.58 | $406.58 |
| Total housing payment | $2,824.13 | $2,911.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,334
Closing costs & prepaids$11,442
Usable credit−$0
Total buyer cash needed$38,776
Earnest money paid−$0
Remaining funds due$38,776
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,990.00
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)$478.75
Initial HOA (3 months)$291.00
Prepaid interest, first (9 days)$457.30
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 10 moOf the original 30-year loan at 4.99%
Interest already paid$80,190Through Dec 2026
Assumption only · ends Oct 2052$344,838
New conventional · ends Jan 2057$525,064