Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,475/mo
Lowest payment- Down payment
- $32,769
- Funds due
- $45,533
- Interest + MI left
- $398,058
- First ends
- Aug 2052
New loan
New conventional
$3,521/mo
+$46/mo- Down payment
- $44,500
- Funds due
- $55,137
- Interest + MI left
- $585,597
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $412,231 | $400,500 |
| Second mortgage | — | — |
| First P&I | $2,434.44 | $2,713.13 |
| Second P&I | — | — |
| Mortgage insurance | $312.98 | $80.10 |
| Taxes, insurance & HOA | $728.00 | $728.00 |
| Total housing payment | $3,475.41 | $3,521.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,769
Closing costs & prepaids$12,763
Usable credit−$0
Total buyer cash needed$45,533
Earnest money paid−$0
Remaining funds due$45,533
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,450.00
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)$534.00
Initial HOA (3 months)$1,200.00
Prepaid interest, first (6 days)$354.41
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$96,972Through Dec 2026
Assumption only · ends Aug 2052$398,058
New conventional · ends Jan 2057$585,597