Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,076/mo
+$17/mo- Down payment
- $31,419
- Funds due
- $43,163
- Interest + MI left
- $406,823
- First ends
- Nov 2052
New loan
New conventional
$3,058/mo
Lowest payment- Down payment
- $42,390
- Funds due
- $52,048
- Interest + MI left
- $557,831
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $392,481 | $381,510 |
| Second mortgage | — | — |
| First P&I | $2,382.50 | $2,584.48 |
| Second P&I | — | — |
| Mortgage insurance | $295.59 | $76.30 |
| Taxes, insurance & HOA | $397.58 | $397.58 |
| Total housing payment | $3,075.67 | $3,058.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,419
Closing costs & prepaids$11,744
Usable credit−$0
Total buyer cash needed$43,163
Earnest money paid−$0
Remaining funds due$43,163
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,239.00
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)$508.75
Initial HOA (3 months)$234.00
Prepaid interest, first (9 days)$537.11
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 11 moOf the original 30-year loan at 5.55%
Interest already paid$91,922Through Dec 2026
Assumption only · ends Nov 2052$406,823
New conventional · ends Jan 2057$557,831