Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,718/mo
Lowest payment- Down payment
- $42,679
- Funds due
- $54,119
- Interest + MI left
- $314,781
- First ends
- Jun 2052
New loan
New conventional
$2,954/mo
+$236/mo- Down payment
- $40,990
- Funds due
- $50,450
- Interest + MI left
- $539,407
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $367,221 | $368,910 |
| Second mortgage | — | — |
| First P&I | $2,055.27 | $2,499.12 |
| Second P&I | — | — |
| Mortgage insurance | $281.68 | $73.78 |
| Taxes, insurance & HOA | $381.00 | $381.00 |
| Total housing payment | $2,717.95 | $2,953.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,679
Closing costs & prepaids$11,440
Usable credit−$0
Total buyer cash needed$54,119
Earnest money paid−$0
Remaining funds due$54,119
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,099.00
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)$492.00
Initial HOA (3 months)$201.00
Prepaid interest, first (9 days)$422.86
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 6 moOf the original 30-year loan at 4.67%
Interest already paid$80,541Through Dec 2026
Assumption only · ends Jun 2052$314,781
New conventional · ends Jan 2057$539,407