Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,626/mo
Lowest payment- Down payment
- $38,580
- Funds due
- $50,151
- Interest + MI left
- $250,681
- First ends
- Apr 2052
New loan
New conventional
$3,084/mo
+$459/mo- Down payment
- $42,900
- Funds due
- $52,594
- Interest + MI left
- $564,542
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $390,420 | $386,100 |
| Second mortgage | — | — |
| First P&I | $1,927.97 | $2,615.58 |
| Second P&I | — | — |
| Mortgage insurance | $306.02 | $77.22 |
| Taxes, insurance & HOA | $391.58 | $391.58 |
| Total housing payment | $2,625.57 | $3,084.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,580
Closing costs & prepaids$11,572
Usable credit−$0
Total buyer cash needed$50,151
Earnest money paid−$0
Remaining funds due$50,151
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,290.00
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)$514.75
Initial HOA (3 months)$210.00
Prepaid interest, first (9 days)$332.12
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 4 moOf the original 30-year loan at 3.45%
Interest already paid$66,357Through Dec 2026
Assumption only · ends Apr 2052$250,681
New conventional · ends Jan 2057$564,542