Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,956/mo
+$112/mo- Down payment
- $7,292
- Funds due
- $17,966
- Interest + MI left
- $403,368
- First ends
- Sep 2052
New loan
New conventional
$2,844/mo
Lowest payment- Down payment
- $40,000
- Funds due
- $48,488
- Interest + MI left
- $545,964
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $392,708 | $360,000 |
| Second mortgage | — | — |
| First P&I | $2,380.22 | $2,492.57 |
| Second P&I | — | — |
| Mortgage insurance | $296.28 | $72.00 |
| Taxes, insurance & HOA | $279.92 | $279.92 |
| Total housing payment | $2,956.42 | $2,844.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$7,292
Closing costs & prepaids$10,674
Usable credit−$0
Total buyer cash needed$17,966
Earnest money paid−$0
Remaining funds due$17,966
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,000.00
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)$233.75
Initial HOA (3 months)$156.00
Prepaid interest, first (1 days)$59.39
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 5.520%
Interest already paid$93,435Through Nov 2026
Assumption only · ends Sep 2052$403,368
New conventional · ends Dec 2056$545,964