Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,276/mo
Lowest payment- Down payment
- $26,909
- Funds due
- $39,162
- Interest + MI left
- $410,156
- First ends
- Nov 2052
New loan
New conventional
$3,297/mo
+$21/mo- Down payment
- $44,800
- Funds due
- $54,976
- Interest + MI left
- $589,545
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $421,091 | $403,200 |
| Second mortgage | — | — |
| First P&I | $2,472.86 | $2,731.42 |
| Second P&I | — | — |
| Mortgage insurance | $318.27 | $80.64 |
| Taxes, insurance & HOA | $485.17 | $485.17 |
| Total housing payment | $3,276.30 | $3,297.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,909
Closing costs & prepaids$12,252
Usable credit−$0
Total buyer cash needed$39,162
Earnest money paid−$0
Remaining funds due$39,162
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,480.00
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)$537.50
Initial HOA (3 months)$468.00
Prepaid interest, first (9 days)$542.00
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 5.22%
Interest already paid$92,933Through Dec 2026
Assumption only · ends Nov 2052$410,156
New conventional · ends Jan 2057$589,545