Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,750/mo
Lowest payment- Down payment
- $31,754
- Funds due
- $42,760
- Interest + MI left
- $358,015
- First ends
- Oct 2052
New loan
New conventional
$2,801/mo
+$51/mo- Down payment
- $39,500
- Funds due
- $48,414
- Interest + MI left
- $519,800
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $363,246 | $355,500 |
| Second mortgage | — | — |
| First P&I | $2,153.72 | $2,408.28 |
| Second P&I | — | — |
| Mortgage insurance | $274.72 | $71.10 |
| Taxes, insurance & HOA | $321.33 | $321.33 |
| Total housing payment | $2,749.77 | $2,800.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,754
Closing costs & prepaids$11,005
Usable credit−$0
Total buyer cash needed$42,760
Earnest money paid−$0
Remaining funds due$42,760
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,950.00
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)$474.00
Initial HOA (3 months)$39.99
Prepaid interest, first (6 days)$316.47
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 10 moOf the original 30-year loan at 5.3%
Interest already paid$83,087Through Dec 2026
Assumption only · ends Oct 2052$358,015
New conventional · ends Jan 2057$519,800