Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,591/mo
Lowest payment- Down payment
- $27,233
- Funds due
- $38,300
- Interest + MI left
- $280,652
- First ends
- Oct 2052
New loan
New conventional
$2,660/mo
+$69/mo- Down payment
- $30,000
- Funds due
- $38,993
- Interest + MI left
- $409,473
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $272,767 | $270,000 |
| Second mortgage | — | — |
| First P&I | $1,649.20 | $1,869.43 |
| Second P&I | — | — |
| Mortgage insurance | $205.52 | $54.00 |
| Taxes, insurance & HOA | $736.33 | $736.33 |
| Total housing payment | $2,591.05 | $2,659.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,233
Closing costs & prepaids$11,066
Usable credit−$0
Total buyer cash needed$38,300
Earnest money paid−$0
Remaining funds due$38,300
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,000.00
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)$1,417.00
Initial HOA (3 months)$342.00
Prepaid interest, first (2 days)$82.35
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 11 moOf the original 30-year loan at 5.510%
Interest already paid$63,438Through Nov 2026
Assumption only · ends Oct 2052$280,652
New conventional · ends Dec 2056$409,473