Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,738/mo
Lowest payment- Down payment
- $3,596
- Funds due
- $15,054
- Interest + MI left
- $255,002
- First ends
- May 2052
New loan
New conventional
$2,908/mo
+$170/mo- Down payment
- $36,990
- Funds due
- $46,445
- Interest + MI left
- $486,769
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $366,304 | $332,910 |
| Second mortgage | — | — |
| First P&I | $1,866.66 | $2,255.25 |
| Second P&I | — | — |
| Mortgage insurance | $285.16 | $66.58 |
| Taxes, insurance & HOA | $586.00 | $586.00 |
| Total housing payment | $2,737.82 | $2,907.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$3,596
Closing costs & prepaids$11,458
Usable credit−$0
Total buyer cash needed$15,054
Earnest money paid−$0
Remaining funds due$15,054
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,699.00
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)$444.00
Initial HOA (3 months)$864.00
Prepaid interest, first (6 days)$226.41
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 5 moOf the original 30-year loan at 3.76%
Interest already paid$66,398Through Dec 2026
Assumption only · ends May 2052$255,002
New conventional · ends Jan 2057$486,769