Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,544/mo
Lowest payment- Down payment
- $36,193
- Funds due
- $47,144
- Interest + MI left
- $312,674
- First ends
- Aug 2052
New loan
New conventional
$2,646/mo
+$102/mo- Down payment
- $36,000
- Funds due
- $44,947
- Interest + MI left
- $473,742
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $323,807 | $324,000 |
| Second mortgage | — | — |
| First P&I | $1,912.25 | $2,194.89 |
| Second P&I | — | — |
| Mortgage insurance | $245.84 | $64.80 |
| Taxes, insurance & HOA | $386.00 | $386.00 |
| Total housing payment | $2,544.09 | $2,645.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,193
Closing costs & prepaids$10,951
Usable credit−$0
Total buyer cash needed$47,144
Earnest money paid−$0
Remaining funds due$47,144
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,600.00
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)$432.00
Initial HOA (3 months)$276.00
Prepaid interest, first (9 days)$417.58
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$76,172Through Dec 2026
Assumption only · ends Aug 2052$312,674
New conventional · ends Jan 2057$473,742