Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,933/mo
+$50/mo- Down payment
- $18,996
- Funds due
- $30,877
- Interest + MI left
- $326,032
- First ends
- Oct 2052
New loan
New conventional
$2,883/mo
Lowest payment- Down payment
- $33,700
- Funds due
- $43,548
- Interest + MI left
- $443,475
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $318,004 | $303,300 |
| Second mortgage | — | — |
| First P&I | $1,925.52 | $2,054.66 |
| Second P&I | — | — |
| Mortgage insurance | $239.95 | $60.66 |
| Taxes, insurance & HOA | $767.83 | $767.83 |
| Total housing payment | $2,933.30 | $2,883.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,996
Closing costs & prepaids$11,881
Usable credit−$0
Total buyer cash needed$30,877
Earnest money paid−$0
Remaining funds due$30,877
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,370.00
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)$404.50
Initial HOA (3 months)$1,449.00
Prepaid interest, first (9 days)$432.05
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 5.51%
Interest already paid$75,528Through Dec 2026
Assumption only · ends Oct 2052$326,032
New conventional · ends Jan 2057$443,475