Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,959/mo
Lowest payment- Down payment
- $20,895
- Funds due
- $32,501
- Interest + MI left
- $326,878
- First ends
- Oct 2052
New loan
New conventional
$2,968/mo
+$9/mo- Down payment
- $33,800
- Funds due
- $43,282
- Interest + MI left
- $461,340
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $317,105 | $304,200 |
| Second mortgage | — | — |
| First P&I | $1,919.20 | $2,106.22 |
| Second P&I | — | — |
| Mortgage insurance | $238.90 | $60.84 |
| Taxes, insurance & HOA | $801.00 | $801.00 |
| Total housing payment | $2,959.10 | $2,968.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,895
Closing costs & prepaids$11,606
Usable credit−$0
Total buyer cash needed$32,501
Earnest money paid−$0
Remaining funds due$32,501
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,380.00
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)$1,728.00
Initial HOA (3 months)$225.00
Prepaid interest, first (1 days)$47.96
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 11 moOf the original 30-year loan at 5.520%
Interest already paid$73,879Through Nov 2026
Assumption only · ends Oct 2052$326,878
New conventional · ends Dec 2056$461,340