Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,895/mo
+$51/mo- Down payment
- $11,731
- Funds due
- $23,109
- Interest + MI left
- $345,070
- First ends
- Nov 2052
New loan
New conventional
$2,844/mo
Lowest payment- Down payment
- $36,600
- Funds due
- $45,897
- Interest + MI left
- $481,637
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $354,269 | $329,400 |
| Second mortgage | — | — |
| First P&I | $2,080.45 | $2,231.47 |
| Second P&I | — | — |
| Mortgage insurance | $267.77 | $65.88 |
| Taxes, insurance & HOA | $546.42 | $546.42 |
| Total housing payment | $2,894.64 | $2,843.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$11,731
Closing costs & prepaids$11,378
Usable credit−$0
Total buyer cash needed$23,109
Earnest money paid−$0
Remaining funds due$23,109
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,660.00
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)$439.25
Initial HOA (3 months)$750.00
Prepaid interest, first (6 days)$303.99
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 11 moOf the original 30-year loan at 5.22%
Interest already paid$78,186Through Dec 2026
Assumption only · ends Nov 2052$345,070
New conventional · ends Jan 2057$481,637