Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,638/mo
Lowest payment- Down payment
- $8,855
- Funds due
- $20,111
- Interest + MI left
- $257,575
- First ends
- Apr 2052
New loan
New conventional
$2,890/mo
+$252/mo- Down payment
- $39,990
- Funds due
- $49,341
- Interest + MI left
- $526,248
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $391,045 | $359,910 |
| Second mortgage | — | — |
| First P&I | $1,952.09 | $2,438.16 |
| Second P&I | — | — |
| Mortgage insurance | $306.02 | $71.98 |
| Taxes, insurance & HOA | $380.00 | $380.00 |
| Total housing payment | $2,638.11 | $2,890.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$8,855
Closing costs & prepaids$11,256
Usable credit−$0
Total buyer cash needed$20,111
Earnest money paid−$0
Remaining funds due$20,111
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,999.00
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)$480.00
Initial HOA (3 months)$210.00
Prepaid interest, first (9 days)$342.30
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 4 moOf the original 30-year loan at 3.55%
Interest already paid$68,332Through Dec 2026
Assumption only · ends Apr 2052$257,575
New conventional · ends Jan 2057$526,248