Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,371/mo
Lowest payment- Down payment
- $32,608
- Funds due
- $44,968
- Interest + MI left
- $427,474
- First ends
- Aug 2052
New loan
New conventional
$3,436/mo
+$65/mo- Down payment
- $48,750
- Funds due
- $58,959
- Interest + MI left
- $641,525
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $454,892 | $438,750 |
| Second mortgage | — | — |
| First P&I | $2,648.71 | $2,972.25 |
| Second P&I | — | — |
| Mortgage insurance | $345.94 | $87.75 |
| Taxes, insurance & HOA | $376.25 | $376.25 |
| Total housing payment | $3,370.90 | $3,436.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,608
Closing costs & prepaids$12,359
Usable credit−$0
Total buyer cash needed$44,968
Earnest money paid−$0
Remaining funds due$44,968
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,875.00
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)$585.00
Initial HOA (3 months)$43.74
Prepaid interest, first (6 days)$380.61
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 5.09%
Interest already paid$104,235Through Dec 2026
Assumption only · ends Aug 2052$427,474
New conventional · ends Jan 2057$641,525