Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,574/mo
Lowest payment- Down payment
- $40,200
- Funds due
- $51,541
- Interest + MI left
- $314,175
- First ends
- Dec 2053
New loan
New conventional
$2,969/mo
+$395/mo- Down payment
- $41,000
- Funds due
- $50,286
- Interest + MI left
- $539,539
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $369,800 | $369,000 |
| Second mortgage | — | — |
| First P&I | $2,000.53 | $2,499.73 |
| Second P&I | — | — |
| Mortgage insurance | $178.34 | $73.80 |
| Taxes, insurance & HOA | $395.00 | $395.00 |
| Total housing payment | $2,573.87 | $2,968.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,200
Closing costs & prepaids$11,341
Usable credit−$0
Total buyer cash needed$51,541
Earnest money paid−$0
Remaining funds due$51,541
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,100.00
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)$492.00
Initial HOA (3 months)$243.00
Prepaid interest, first (6 days)$281.15
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 closing27 yrOf the original 30-year loan at 4.625%
Interest already paid$52,717Through Dec 2026
Assumption only · ends Dec 2053$314,175
New conventional · ends Jan 2057$539,539