Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,271/mo
Lowest payment- Down payment
- $26,222
- Funds due
- $38,284
- Interest + MI left
- $376,213
- First ends
- Jul 2052
New loan
New conventional
$3,366/mo
+$95/mo- Down payment
- $42,500
- Funds due
- $52,380
- Interest + MI left
- $580,087
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $398,778 | $382,500 |
| Second mortgage | — | — |
| First P&I | $2,326.68 | $2,648.35 |
| Second P&I | — | — |
| Mortgage insurance | $303.20 | $76.50 |
| Taxes, insurance & HOA | $641.58 | $641.58 |
| Total housing payment | $3,271.45 | $3,366.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,222
Closing costs & prepaids$12,061
Usable credit−$0
Total buyer cash needed$38,284
Earnest money paid−$0
Remaining funds due$38,284
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$1,209.75
Initial HOA (3 months)$264.99
Prepaid interest, first (2 days)$111.66
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 5.110%
Interest already paid$91,724Through Nov 2026
Assumption only · ends Jul 2052$376,213
New conventional · ends Dec 2056$580,087