Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,753/mo
Lowest payment- Down payment
- $19,798
- Funds due
- $30,696
- Interest + MI left
- $333,083
- First ends
- Aug 2052
New loan
New conventional
$2,823/mo
+$70/mo- Down payment
- $37,300
- Funds due
- $46,063
- Interest + MI left
- $509,110
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $353,201 | $335,699 |
| Second mortgage | — | — |
| First P&I | $2,053.36 | $2,324.31 |
| Second P&I | — | — |
| Mortgage insurance | $268.19 | $67.14 |
| Taxes, insurance & HOA | $431.67 | $431.67 |
| Total housing payment | $2,753.22 | $2,823.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,798
Closing costs & prepaids$10,898
Usable credit−$0
Total buyer cash needed$30,696
Earnest money paid−$0
Remaining funds due$30,696
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,729.99
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)$503.00
Initial HOA (3 months)$342.00
Prepaid interest, first (2 days)$98.51
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 closing25 yr 9 moOf the original 30-year loan at 5.090%
Interest already paid$79,308Through Nov 2026
Assumption only · ends Aug 2052$333,083
New conventional · ends Dec 2056$509,110