Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,932/mo
Lowest payment- Down payment
- $36,553
- Funds due
- $48,159
- Interest + MI left
- $375,806
- First ends
- Oct 2052
New loan
New conventional
$2,985/mo
+$53/mo- Down payment
- $41,000
- Funds due
- $50,551
- Interest + MI left
- $539,539
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $373,447 | $369,000 |
| Second mortgage | — | — |
| First P&I | $2,238.78 | $2,499.73 |
| Second P&I | — | — |
| Mortgage insurance | $282.09 | $73.80 |
| Taxes, insurance & HOA | $411.00 | $411.00 |
| Total housing payment | $2,931.87 | $2,984.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,553
Closing costs & prepaids$11,606
Usable credit−$0
Total buyer cash needed$48,159
Earnest money paid−$0
Remaining funds due$48,159
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,100.00
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)$492.00
Initial HOA (3 months)$291.00
Prepaid interest, first (9 days)$498.17
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 10 moOf the original 30-year loan at 5.41%
Interest already paid$87,137Through Dec 2026
Assumption only · ends Oct 2052$375,806
New conventional · ends Jan 2057$539,539