Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,533/mo
Lowest payment- Down payment
- $28,548
- Funds due
- $41,029
- Interest + MI left
- $412,931
- First ends
- Aug 2052
New loan
New conventional
$3,597/mo
+$64/mo- Down payment
- $44,900
- Funds due
- $55,152
- Interest + MI left
- $612,845
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $420,452 | $404,100 |
| Second mortgage | — | — |
| First P&I | $2,496.68 | $2,797.91 |
| Second P&I | — | — |
| Mortgage insurance | $318.47 | $80.82 |
| Taxes, insurance & HOA | $718.17 | $718.17 |
| Total housing payment | $3,533.31 | $3,596.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,548
Closing costs & prepaids$12,481
Usable credit−$0
Total buyer cash needed$41,029
Earnest money paid−$0
Remaining funds due$41,029
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,490.00
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)$1,122.50
Initial HOA (3 months)$582.00
Prepaid interest, first (1 days)$61.05
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 5.300%
Interest already paid$98,177Through Nov 2026
Assumption only · ends Aug 2052$412,931
New conventional · ends Dec 2056$612,845