Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,821/mo
Lowest payment- Down payment
- $29,370
- Funds due
- $40,869
- Interest + MI left
- $302,961
- First ends
- Aug 2052
New loan
New conventional
$2,956/mo
+$135/mo- Down payment
- $35,000
- Funds due
- $44,387
- Interest + MI left
- $477,719
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $320,630 | $315,000 |
| Second mortgage | — | — |
| First P&I | $1,865.90 | $2,181.00 |
| Second P&I | — | — |
| Mortgage insurance | $243.43 | $63.00 |
| Taxes, insurance & HOA | $711.58 | $711.58 |
| Total housing payment | $2,820.91 | $2,955.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,370
Closing costs & prepaids$11,499
Usable credit−$0
Total buyer cash needed$40,869
Earnest money paid−$0
Remaining funds due$40,869
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
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)$1,003.75
Initial HOA (3 months)$681.00
Prepaid interest, first (2 days)$89.60
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 5.100%
Interest already paid$72,131Through Nov 2026
Assumption only · ends Aug 2052$302,961
New conventional · ends Dec 2056$477,719