Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,393/mo
Lowest payment- Down payment
- $37,528
- Funds due
- $47,966
- Interest + MI left
- $289,218
- First ends
- Sep 2052
New loan
New conventional
$2,494/mo
+$101/mo- Down payment
- $31,000
- Funds due
- $39,342
- Interest + MI left
- $423,122
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $272,472 | $279,000 |
| Second mortgage | — | — |
| First P&I | $1,681.16 | $1,931.74 |
| Second P&I | — | — |
| Mortgage insurance | $205.17 | $55.80 |
| Taxes, insurance & HOA | $506.84 | $506.84 |
| Total housing payment | $2,393.17 | $2,494.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,528
Closing costs & prepaids$10,438
Usable credit−$0
Total buyer cash needed$47,966
Earnest money paid−$0
Remaining funds due$47,966
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,100.00
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)$1,058.75
Initial HOA (3 months)$11.76
Prepaid interest, first (1 days)$42.55
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 10 moOf the original 30-year loan at 5.700%
Interest already paid$66,874Through Nov 2026
Assumption only · ends Sep 2052$289,218
New conventional · ends Dec 2056$423,122