Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,661/mo
Lowest payment- Down payment
- $34,338
- Funds due
- $45,591
- Interest + MI left
- $361,105
- First ends
- May 2054
New loan
New conventional
$2,898/mo
+$238/mo- Down payment
- $39,990
- Funds due
- $49,153
- Interest + MI left
- $526,248
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $365,562 | $359,910 |
| Second mortgage | — | — |
| First P&I | $2,098.37 | $2,438.16 |
| Second P&I | — | — |
| Mortgage insurance | $174.17 | $71.98 |
| Taxes, insurance & HOA | $388.00 | $388.00 |
| Total housing payment | $2,660.54 | $2,898.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,338
Closing costs & prepaids$11,253
Usable credit−$0
Total buyer cash needed$45,591
Earnest money paid−$0
Remaining funds due$45,591
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,999.00
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)$480.00
Initial HOA (3 months)$234.00
Prepaid interest, first (6 days)$315.49
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 closing27 yr 5 moOf the original 30-year loan at 5.25%
Interest already paid$50,612Through Dec 2026
Assumption only · ends May 2054$361,105
New conventional · ends Jan 2057$526,248