Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,687/mo
Lowest payment- Down payment
- $25,988
- Funds due
- $37,463
- Interest + MI left
- $258,215
- First ends
- Aug 2052
New loan
New conventional
$2,810/mo
+$122/mo- Down payment
- $29,980
- Funds due
- $39,371
- Interest + MI left
- $409,200
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $273,812 | $269,820 |
| Second mortgage | — | — |
| First P&I | $1,591.83 | $1,868.18 |
| Second P&I | — | — |
| Mortgage insurance | $207.91 | $53.96 |
| Taxes, insurance & HOA | $887.75 | $887.75 |
| Total housing payment | $2,687.48 | $2,809.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,988
Closing costs & prepaids$11,474
Usable credit−$0
Total buyer cash needed$37,463
Earnest money paid−$0
Remaining funds due$37,463
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,998.00
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)$914.25
Initial HOA (3 months)$1,299.00
Prepaid interest, first (1 days)$38.18
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 9 moOf the original 30-year loan at 5.090%
Interest already paid$61,482Through Nov 2026
Assumption only · ends Aug 2052$258,215
New conventional · ends Dec 2056$409,200