Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,362/mo
Lowest payment- Down payment
- $32,266
- Funds due
- $42,660
- Interest + MI left
- $279,641
- First ends
- Aug 2052
New loan
New conventional
$2,488/mo
+$126/mo- Down payment
- $31,700
- Funds due
- $40,010
- Interest + MI left
- $432,677
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $284,734 | $285,300 |
| Second mortgage | — | — |
| First P&I | $1,690.77 | $1,975.36 |
| Second P&I | — | — |
| Mortgage insurance | $215.67 | $57.06 |
| Taxes, insurance & HOA | $455.42 | $455.42 |
| Total housing payment | $2,361.86 | $2,487.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,266
Closing costs & prepaids$10,394
Usable credit−$0
Total buyer cash needed$42,660
Earnest money paid−$0
Remaining funds due$42,660
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,170.00
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)$781.25
Initial HOA (3 months)$135.00
Prepaid interest, first (2 days)$82.69
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 5.300%
Interest already paid$66,487Through Nov 2026
Assumption only · ends Aug 2052$279,641
New conventional · ends Dec 2056$432,677