Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,759/mo
Lowest payment- Down payment
- $43,722
- Funds due
- $55,073
- Interest + MI left
- $348,666
- First ends
- Aug 2052
New loan
New conventional
$2,881/mo
+$122/mo- Down payment
- $40,000
- Funds due
- $49,322
- Interest + MI left
- $526,380
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $356,278 | $360,000 |
| Second mortgage | — | — |
| First P&I | $2,118.83 | $2,438.77 |
| Second P&I | — | — |
| Mortgage insurance | $270.27 | $72.00 |
| Taxes, insurance & HOA | $370.00 | $370.00 |
| Total housing payment | $2,759.10 | $2,880.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,722
Closing costs & prepaids$11,351
Usable credit−$0
Total buyer cash needed$55,073
Earnest money paid−$0
Remaining funds due$55,073
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,000.00
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)$180.00
Prepaid interest, first (9 days)$465.60
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 8 moOf the original 30-year loan at 5.3%
Interest already paid$84,895Through Dec 2026
Assumption only · ends Aug 2052$348,666
New conventional · ends Jan 2057$526,380