Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,340/mo
Lowest payment- Down payment
- $37,359
- Funds due
- $47,833
- Interest + MI left
- $303,798
- First ends
- Sep 2052
New loan
New conventional
$2,371/mo
+$31/mo- Down payment
- $31,900
- Funds due
- $40,360
- Interest + MI left
- $419,788
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $281,641 | $287,100 |
| Second mortgage | — | — |
| First P&I | $1,759.09 | $1,944.92 |
| Second P&I | — | — |
| Mortgage insurance | $212.13 | $57.42 |
| Taxes, insurance & HOA | $368.58 | $368.58 |
| Total housing payment | $2,339.80 | $2,370.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,359
Closing costs & prepaids$10,474
Usable credit−$0
Total buyer cash needed$47,833
Earnest money paid−$0
Remaining funds due$47,833
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,190.00
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)$382.75
Initial HOA (3 months)$273.00
Prepaid interest, first (9 days)$403.48
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 9 moOf the original 30-year loan at 5.81%
Interest already paid$71,879Through Dec 2026
Assumption only · ends Sep 2052$303,798
New conventional · ends Jan 2057$419,788