Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,825/mo
Lowest payment- Down payment
- $32,755
- Funds due
- $44,386
- Interest + MI left
- $301,793
- First ends
- Jul 2052
New loan
New conventional
$3,110/mo
+$285/mo- Down payment
- $42,390
- Funds due
- $51,979
- 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 | $391,145 | $381,510 |
| Second mortgage | — | — |
| First P&I | $2,074.32 | $2,584.48 |
| Second P&I | — | — |
| Mortgage insurance | $301.54 | $76.30 |
| Taxes, insurance & HOA | $449.58 | $449.58 |
| Total housing payment | $2,825.45 | $3,110.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,755
Closing costs & prepaids$11,631
Usable credit−$0
Total buyer cash needed$44,386
Earnest money paid−$0
Remaining funds due$44,386
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)$390.00
Prepaid interest, first (6 days)$268.12
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 7 moOf the original 30-year loan at 4.17%
Interest already paid$75,379Through Dec 2026
Assumption only · ends Jul 2052$301,793
New conventional · ends Jan 2057$557,831