Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,172/mo
+$9/mo- Down payment
- $29,459
- Funds due
- $41,646
- Interest + MI left
- $368,533
- First ends
- Nov 2052
New loan
New conventional
$3,163/mo
Lowest payment- Down payment
- $38,500
- Funds due
- $48,587
- Interest + MI left
- $506,640
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $355,541 | $346,500 |
| Second mortgage | — | — |
| First P&I | $2,158.26 | $2,347.31 |
| Second P&I | — | — |
| Mortgage insurance | $267.77 | $69.30 |
| Taxes, insurance & HOA | $746.00 | $746.00 |
| Total housing payment | $3,172.03 | $3,162.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,459
Closing costs & prepaids$12,187
Usable credit−$0
Total buyer cash needed$41,646
Earnest money paid−$0
Remaining funds due$41,646
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,850.00
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)$462.00
Initial HOA (3 months)$1,326.00
Prepaid interest, first (6 days)$324.37
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 5.55%
Interest already paid$83,270Through Dec 2026
Assumption only · ends Nov 2052$368,533
New conventional · ends Jan 2057$506,640