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
- $31,045
- Funds due
- $42,862
- Interest + MI left
- $406,638
- First ends
- Sep 2052
New loan
New conventional
$3,379/mo
+$104/mo- Down payment
- $45,000
- Funds due
- $54,589
- Interest + MI left
- $614,208
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $418,954 | $404,999 |
| Second mortgage | — | — |
| First P&I | $2,464.07 | $2,804.13 |
| Second P&I | — | — |
| Mortgage insurance | $317.14 | $81.00 |
| Taxes, insurance & HOA | $494.00 | $494.00 |
| Total housing payment | $3,275.21 | $3,379.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,045
Closing costs & prepaids$11,817
Usable credit−$0
Total buyer cash needed$42,862
Earnest money paid−$0
Remaining funds due$42,862
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,499.99
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)$747.00
Initial HOA (3 months)$285.00
Prepaid interest, first (1 days)$59.92
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 closing25 yr 10 moOf the original 30-year loan at 5.220%
Interest already paid$94,428Through Nov 2026
Assumption only · ends Sep 2052$406,638
New conventional · ends Dec 2056$614,208