Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,235/mo
+$169/mo- Down payment
- $16,541
- Funds due
- $28,345
- Interest + MI left
- $444,667
- First ends
- Oct 2052
New loan
New conventional
$3,066/mo
Lowest payment- Down payment
- $42,490
- Funds due
- $52,164
- Interest + MI left
- $559,147
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $408,359 | $382,410 |
| Second mortgage | — | — |
| First P&I | $2,529.97 | $2,590.58 |
| Second P&I | — | — |
| Mortgage insurance | $305.95 | $76.48 |
| Taxes, insurance & HOA | $399.33 | $399.33 |
| Total housing payment | $3,235.25 | $3,066.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,541
Closing costs & prepaids$11,804
Usable credit−$0
Total buyer cash needed$28,345
Earnest money paid−$0
Remaining funds due$28,345
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,249.00
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)$510.00
Initial HOA (3 months)$237.99
Prepaid interest, first (9 days)$582.40
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 5.784%
Interest already paid$101,234Through Dec 2026
Assumption only · ends Oct 2052$444,667
New conventional · ends Jan 2057$559,147