Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,853/mo
+$141/mo- Down payment
- $17,344
- Funds due
- $28,486
- Interest + MI left
- $366,579
- First ends
- Nov 2052
New loan
New conventional
$2,712/mo
Lowest payment- Down payment
- $35,000
- Funds due
- $44,042
- Interest + MI left
- $460,582
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $332,656 | $315,000 |
| Second mortgage | — | — |
| First P&I | $2,088.25 | $2,133.92 |
| Second P&I | — | — |
| Mortgage insurance | $249.65 | $63.00 |
| Taxes, insurance & HOA | $515.00 | $515.00 |
| Total housing payment | $2,852.91 | $2,711.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,344
Closing costs & prepaids$11,142
Usable credit−$0
Total buyer cash needed$28,486
Earnest money paid−$0
Remaining funds due$28,486
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
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)$420.00
Initial HOA (3 months)$675.00
Prepaid interest, first (6 days)$322.08
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 5.89%
Interest already paid$82,530Through Dec 2026
Assumption only · ends Nov 2052$366,579
New conventional · ends Jan 2057$460,582