Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,830/mo
Lowest payment- Down payment
- $28,965
- Funds due
- $40,408
- Interest + MI left
- $340,894
- First ends
- Jul 2052
New loan
New conventional
$2,917/mo
+$88/mo- Down payment
- $40,100
- Funds due
- $49,524
- Interest + MI left
- $527,695
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $372,035 | $360,900 |
| Second mortgage | — | — |
| First P&I | $2,145.67 | $2,444.86 |
| Second P&I | — | — |
| Mortgage insurance | $283.77 | $72.18 |
| Taxes, insurance & HOA | $400.42 | $400.42 |
| Total housing payment | $2,829.85 | $2,917.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,965
Closing costs & prepaids$11,443
Usable credit−$0
Total buyer cash needed$40,408
Earnest money paid−$0
Remaining funds due$40,408
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,010.00
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)$481.25
Initial HOA (3 months)$270.00
Prepaid interest, first (9 days)$456.84
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 7 moOf the original 30-year loan at 4.98%
Interest already paid$85,146Through Dec 2026
Assumption only · ends Jul 2052$340,894
New conventional · ends Jan 2057$527,695