Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,407/mo
Lowest payment- Down payment
- $2,106
- Funds due
- $12,583
- Interest + MI left
- $282,296
- First ends
- Oct 2052
New loan
New conventional
$2,414/mo
+$7/mo- Down payment
- $33,000
- Funds due
- $41,499
- Interest + MI left
- $434,263
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $327,894 | $297,000 |
| Second mortgage | — | — |
| First P&I | $1,814.35 | $2,011.98 |
| Second P&I | — | — |
| Mortgage insurance | $249.96 | $59.40 |
| Taxes, insurance & HOA | $342.67 | $342.67 |
| Total housing payment | $2,406.98 | $2,414.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$2,106
Closing costs & prepaids$10,477
Usable credit−$0
Total buyer cash needed$12,583
Earnest money paid−$0
Remaining funds due$12,583
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,300.00
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)$396.00
Initial HOA (3 months)$182.01
Prepaid interest, first (9 days)$373.93
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 4.625%
Interest already paid$65,722Through Dec 2026
Assumption only · ends Oct 2052$282,296
New conventional · ends Jan 2057$434,263