Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,852/mo
+$25/mo- Down payment
- $27,732
- Funds due
- $38,364
- Interest + MI left
- $369,599
- First ends
- Jul 2051
New loan
New conventional
$2,827/mo
Lowest payment- Down payment
- $40,499
- Funds due
- $48,958
- Interest + MI left
- $552,775
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $377,258 | $364,491 |
| Second mortgage | — | — |
| First P&I | $2,354.50 | $2,523.66 |
| Second P&I | — | — |
| Mortgage insurance | $267.22 | $72.90 |
| Taxes, insurance & HOA | $230.42 | $230.42 |
| Total housing payment | $2,852.14 | $2,826.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,732
Closing costs & prepaids$10,632
Usable credit−$0
Total buyer cash needed$38,364
Earnest money paid−$0
Remaining funds due$38,364
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,049.90
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)$55.25
Initial HOA (3 months)$186.00
Prepaid interest, first (2 days)$115.82
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 closing24 yr 8 moOf the original 30-year loan at 5.603%
Interest already paid$117,946Through Nov 2026
Assumption only · ends Jul 2051$369,599
New conventional · ends Dec 2056$552,775