Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,970/mo
Lowest payment- Down payment
- $32,764
- Funds due
- $44,397
- Interest + MI left
- $380,674
- First ends
- Oct 2052
New loan
New conventional
$3,018/mo
+$48/mo- Down payment
- $41,900
- Funds due
- $51,476
- Interest + MI left
- $551,383
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $386,236 | $377,100 |
| Second mortgage | — | — |
| First P&I | $2,290.03 | $2,554.61 |
| Second P&I | — | — |
| Mortgage insurance | $292.11 | $75.42 |
| Taxes, insurance & HOA | $387.58 | $387.58 |
| Total housing payment | $2,969.73 | $3,017.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,764
Closing costs & prepaids$11,633
Usable credit−$0
Total buyer cash needed$44,397
Earnest money paid−$0
Remaining funds due$44,397
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,190.00
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)$502.75
Initial HOA (3 months)$210.00
Prepaid interest, first (9 days)$504.75
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 5.3%
Interest already paid$88,346Through Dec 2026
Assumption only · ends Oct 2052$380,674
New conventional · ends Jan 2057$551,383