Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,629/mo
Lowest payment- Down payment
- $18,014
- Funds due
- $29,069
- Interest + MI left
- $305,409
- First ends
- Jul 2052
New loan
New conventional
$2,654/mo
+$25/mo- Down payment
- $35,000
- Funds due
- $44,054
- Interest + MI left
- $460,582
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $331,986 | $315,000 |
| Second mortgage | — | — |
| First P&I | $1,918.58 | $2,133.92 |
| Second P&I | — | — |
| Mortgage insurance | $253.16 | $63.00 |
| Taxes, insurance & HOA | $457.00 | $457.00 |
| Total housing payment | $2,628.73 | $2,653.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,014
Closing costs & prepaids$11,055
Usable credit−$0
Total buyer cash needed$29,069
Earnest money paid−$0
Remaining funds due$29,069
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
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)$420.00
Initial HOA (3 months)$501.00
Prepaid interest, first (9 days)$409.30
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 7 moOf the original 30-year loan at 5%
Interest already paid$76,275Through Dec 2026
Assumption only · ends Jul 2052$305,409
New conventional · ends Jan 2057$460,582