Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,715/mo
Lowest payment- Down payment
- $24,537
- Funds due
- $35,858
- Interest + MI left
- $300,755
- First ends
- Aug 2052
New loan
New conventional
$2,748/mo
+$33/mo- Down payment
- $33,600
- Funds due
- $42,874
- Interest + MI left
- $442,159
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $311,463 | $302,400 |
| Second mortgage | — | — |
| First P&I | $1,839.35 | $2,048.56 |
| Second P&I | — | — |
| Mortgage insurance | $236.47 | $60.48 |
| Taxes, insurance & HOA | $639.42 | $639.42 |
| Total housing payment | $2,715.24 | $2,748.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,537
Closing costs & prepaids$11,321
Usable credit−$0
Total buyer cash needed$35,858
Earnest money paid−$0
Remaining funds due$35,858
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,360.00
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)$403.25
Initial HOA (3 months)$1,065.00
Prepaid interest, first (6 days)$267.77
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 8 moOf the original 30-year loan at 5.23%
Interest already paid$73,268Through Dec 2026
Assumption only · ends Aug 2052$300,755
New conventional · ends Jan 2057$442,159