Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,483/mo
Lowest payment- Down payment
- $29,175
- Funds due
- $39,972
- Interest + MI left
- $298,786
- First ends
- Jul 2052
New loan
New conventional
$2,562/mo
+$79/mo- Down payment
- $34,700
- Funds due
- $43,502
- Interest + MI left
- $456,634
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $317,825 | $312,300 |
| Second mortgage | — | — |
| First P&I | $1,857.28 | $2,115.63 |
| Second P&I | — | — |
| Mortgage insurance | $242.03 | $62.46 |
| Taxes, insurance & HOA | $383.83 | $383.83 |
| Total housing payment | $2,483.14 | $2,561.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,175
Closing costs & prepaids$10,797
Usable credit−$0
Total buyer cash needed$39,972
Earnest money paid−$0
Remaining funds due$39,972
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,470.00
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)$416.50
Initial HOA (3 months)$285.00
Prepaid interest, first (9 days)$400.46
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 7 moOf the original 30-year loan at 5.11%
Interest already paid$74,575Through Dec 2026
Assumption only · ends Jul 2052$298,786
New conventional · ends Jan 2057$456,634