Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,275/mo
Lowest payment- Down payment
- $26,271
- Funds due
- $38,038
- Interest + MI left
- $412,227
- First ends
- Nov 2052
New loan
New conventional
$3,356/mo
+$81/mo- Down payment
- $44,800
- Funds due
- $54,340
- Interest + MI left
- $611,480
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $421,729 | $403,200 |
| Second mortgage | — | — |
| First P&I | $2,472.86 | $2,791.68 |
| Second P&I | — | — |
| Mortgage insurance | $318.27 | $80.64 |
| Taxes, insurance & HOA | $483.92 | $483.92 |
| Total housing payment | $3,275.05 | $3,356.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,271
Closing costs & prepaids$11,767
Usable credit−$0
Total buyer cash needed$38,038
Earnest money paid−$0
Remaining funds due$38,038
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,480.00
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)$533.75
Initial HOA (3 months)$468.00
Prepaid interest, first (1 days)$60.31
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 closing26 yrOf the original 30-year loan at 5.220%
Interest already paid$91,098Through Nov 2026
Assumption only · ends Nov 2052$412,227
New conventional · ends Dec 2056$611,480