Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,242/mo
+$35/mo- Down payment
- $20,362
- Funds due
- $32,423
- Interest + MI left
- $404,246
- First ends
- Aug 2052
New loan
New conventional
$3,208/mo
Lowest payment- Down payment
- $43,900
- Funds due
- $53,882
- Interest + MI left
- $577,702
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $418,638 | $395,100 |
| Second mortgage | — | — |
| First P&I | $2,472.28 | $2,676.55 |
| Second P&I | — | — |
| Mortgage insurance | $317.84 | $79.02 |
| Taxes, insurance & HOA | $452.08 | $452.08 |
| Total housing payment | $3,242.20 | $3,207.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,362
Closing costs & prepaids$12,061
Usable credit−$0
Total buyer cash needed$32,423
Earnest money paid−$0
Remaining funds due$32,423
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,390.00
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)$526.75
Initial HOA (3 months)$379.50
Prepaid interest, first (9 days)$539.87
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 8 moOf the original 30-year loan at 5.23%
Interest already paid$98,480Through Dec 2026
Assumption only · ends Aug 2052$404,246
New conventional · ends Jan 2057$577,702