Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,382/mo
Lowest payment- Down payment
- $34,151
- Funds due
- $46,586
- Interest + MI left
- $425,692
- First ends
- Aug 2052
New loan
New conventional
$3,425/mo
+$43/mo- Down payment
- $47,500
- Funds due
- $57,786
- Interest + MI left
- $625,076
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $440,849 | $427,500 |
| Second mortgage | — | — |
| First P&I | $2,603.44 | $2,896.03 |
| Second P&I | — | — |
| Mortgage insurance | $334.70 | $85.50 |
| Taxes, insurance & HOA | $443.67 | $443.67 |
| Total housing payment | $3,381.81 | $3,425.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,151
Closing costs & prepaids$12,435
Usable credit−$0
Total buyer cash needed$46,586
Earnest money paid−$0
Remaining funds due$46,586
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,750.00
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$570.00
Initial HOA (3 months)$261.00
Prepaid interest, first (6 days)$379.01
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$103,704Through Dec 2026
Assumption only · ends Aug 2052$425,692
New conventional · ends Jan 2057$625,076