Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,419/mo
Lowest payment- Down payment
- $25,949
- Funds due
- $36,789
- Interest + MI left
- $271,576
- First ends
- Oct 2052
New loan
New conventional
$2,598/mo
+$180/mo- Down payment
- $34,990
- Funds due
- $43,878
- Interest + MI left
- $460,451
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $323,951 | $314,910 |
| Second mortgage | — | — |
| First P&I | $1,769.28 | $2,133.31 |
| Second P&I | — | — |
| Mortgage insurance | $247.34 | $62.98 |
| Taxes, insurance & HOA | $402.00 | $402.00 |
| Total housing payment | $2,418.62 | $2,598.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,949
Closing costs & prepaids$10,839
Usable credit−$0
Total buyer cash needed$36,789
Earnest money paid−$0
Remaining funds due$36,789
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,499.00
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)$420.00
Initial HOA (3 months)$336.00
Prepaid interest, first (9 days)$359.45
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 10 moOf the original 30-year loan at 4.5%
Interest already paid$63,228Through Dec 2026
Assumption only · ends Oct 2052$271,576
New conventional · ends Jan 2057$460,451