Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,039/mo
+$166/mo- Down payment
- $7,866
- Funds due
- $19,260
- Interest + MI left
- $401,342
- First ends
- Sep 2052
New loan
New conventional
$2,873/mo
Lowest payment- Down payment
- $40,000
- Funds due
- $49,298
- Interest + MI left
- $526,380
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $392,134 | $360,000 |
| Second mortgage | — | — |
| First P&I | $2,380.22 | $2,438.77 |
| Second P&I | — | — |
| Mortgage insurance | $296.28 | $72.00 |
| Taxes, insurance & HOA | $362.00 | $362.00 |
| Total housing payment | $3,038.51 | $2,872.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$7,866
Closing costs & prepaids$11,395
Usable credit−$0
Total buyer cash needed$19,260
Earnest money paid−$0
Remaining funds due$19,260
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,000.00
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)$480.00
Initial HOA (3 months)$156.00
Prepaid interest, first (9 days)$533.73
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 9 moOf the original 30-year loan at 5.52%
Interest already paid$95,242Through Dec 2026
Assumption only · ends Sep 2052$401,342
New conventional · ends Jan 2057$526,380