Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,801/mo
+$77/mo- Down payment
- $10,305
- Funds due
- $21,412
- Interest + MI left
- $352,060
- First ends
- Aug 2052
New loan
New conventional
$2,724/mo
Lowest payment- Down payment
- $37,490
- Funds due
- $46,549
- Interest + MI left
- $493,349
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $364,595 | $337,410 |
| Second mortgage | — | — |
| First P&I | $2,153.12 | $2,285.73 |
| Second P&I | — | — |
| Mortgage insurance | $276.81 | $67.48 |
| Taxes, insurance & HOA | $371.00 | $371.00 |
| Total housing payment | $2,800.93 | $2,724.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$10,305
Closing costs & prepaids$11,107
Usable credit−$0
Total buyer cash needed$21,412
Earnest money paid−$0
Remaining funds due$21,412
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,749.00
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)$450.00
Initial HOA (3 months)$213.00
Prepaid interest, first (9 days)$470.18
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$85,767Through Dec 2026
Assumption only · ends Aug 2052$352,060
New conventional · ends Jan 2057$493,349