Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,281/mo
+$62/mo- Down payment
- $19,983
- Funds due
- $31,973
- Interest + MI left
- $420,104
- First ends
- Jun 2052
New loan
New conventional
$3,218/mo
Lowest payment- Down payment
- $45,480
- Funds due
- $55,322
- Interest + MI left
- $598,494
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $434,817 | $409,320 |
| Second mortgage | — | — |
| First P&I | $2,586.12 | $2,772.88 |
| Second P&I | — | — |
| Mortgage insurance | $330.99 | $81.86 |
| Taxes, insurance & HOA | $363.58 | $363.58 |
| Total housing payment | $3,280.70 | $3,218.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,983
Closing costs & prepaids$11,990
Usable credit−$0
Total buyer cash needed$31,973
Earnest money paid−$0
Remaining funds due$31,973
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,548.00
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$545.75
Initial HOA (3 months)$45.00
Prepaid interest, first (6 days)$376.68
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 5.27%
Interest already paid$107,189Through Dec 2026
Assumption only · ends Jun 2052$420,104
New conventional · ends Jan 2057$598,494