Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,982/mo
Lowest payment- Down payment
- $27,121
- Funds due
- $39,154
- Interest + MI left
- $347,386
- First ends
- Mar 2054
New loan
New conventional
$3,222/mo
+$240/mo- Down payment
- $38,000
- Funds due
- $47,890
- Interest + MI left
- $518,666
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $352,879 | $342,000 |
| Second mortgage | — | — |
| First P&I | $2,028.34 | $2,367.94 |
| Second P&I | — | — |
| Mortgage insurance | $168.35 | $68.40 |
| Taxes, insurance & HOA | $785.42 | $785.42 |
| Total housing payment | $2,982.11 | $3,221.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,121
Closing costs & prepaids$12,033
Usable credit−$0
Total buyer cash needed$39,154
Earnest money paid−$0
Remaining funds due$39,154
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,800.00
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)$1,396.25
Initial HOA (3 months)$510.00
Prepaid interest, first (2 days)$101.51
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 closing27 yr 4 moOf the original 30-year loan at 5.250%
Interest already paid$50,469Through Nov 2026
Assumption only · ends Mar 2054$347,386
New conventional · ends Dec 2056$518,666