Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,406/mo
+$59/mo- Down payment
- $3,303
- Funds due
- $13,466
- Interest + MI left
- $280,917
- First ends
- Jul 2052
New loan
New conventional
$2,348/mo
Lowest payment- Down payment
- $29,200
- Funds due
- $37,283
- Interest + MI left
- $398,554
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $288,697 | $262,800 |
| Second mortgage | — | — |
| First P&I | $1,711.77 | $1,819.57 |
| Second P&I | — | — |
| Mortgage insurance | $219.08 | $52.56 |
| Taxes, insurance & HOA | $475.50 | $475.50 |
| Total housing payment | $2,406.35 | $2,347.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$3,303
Closing costs & prepaids$10,163
Usable credit−$0
Total buyer cash needed$13,466
Earnest money paid−$0
Remaining funds due$13,466
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,920.00
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)$805.50
Initial HOA (3 months)$171.00
Prepaid interest, first (1 days)$41.68
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 8 moOf the original 30-year loan at 5.270%
Interest already paid$68,415Through Nov 2026
Assumption only · ends Jul 2052$280,917
New conventional · ends Dec 2056$398,554