Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,923/mo
Lowest payment- Down payment
- $41,699
- Funds due
- $53,665
- Interest + MI left
- $295,057
- First ends
- Jul 2052
New loan
New conventional
$3,204/mo
+$281/mo- Down payment
- $38,000
- Funds due
- $47,837
- Interest + MI left
- $518,666
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $338,301 | $342,000 |
| Second mortgage | — | — |
| First P&I | $1,896.78 | $2,367.94 |
| Second P&I | — | — |
| Mortgage insurance | $258.45 | $68.40 |
| Taxes, insurance & HOA | $767.92 | $767.92 |
| Total housing payment | $2,923.15 | $3,204.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,699
Closing costs & prepaids$11,966
Usable credit−$0
Total buyer cash needed$53,665
Earnest money paid−$0
Remaining funds due$53,665
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,800.00
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)$1,640.75
Initial HOA (3 months)$213.00
Prepaid interest, first (2 days)$87.49
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 8 moOf the original 30-year loan at 4.720%
Interest already paid$72,056Through Nov 2026
Assumption only · ends Jul 2052$295,057
New conventional · ends Dec 2056$518,666