Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,680/mo
Lowest payment- Down payment
- $15,146
- Funds due
- $25,769
- Interest + MI left
- $336,043
- First ends
- Nov 2052
New loan
New conventional
$2,723/mo
+$43/mo- Down payment
- $36,500
- Funds due
- $44,975
- Interest + MI left
- $498,192
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $349,854 | $328,500 |
| Second mortgage | — | — |
| First P&I | $2,032.72 | $2,274.47 |
| Second P&I | — | — |
| Mortgage insurance | $264.29 | $65.70 |
| Taxes, insurance & HOA | $382.92 | $382.92 |
| Total housing payment | $2,679.93 | $2,723.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,146
Closing costs & prepaids$10,623
Usable credit−$0
Total buyer cash needed$25,769
Earnest money paid−$0
Remaining funds due$25,769
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,650.00
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)$498.75
Initial HOA (3 months)$200.01
Prepaid interest, first (1 days)$49.17
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 5.130%
Interest already paid$74,308Through Nov 2026
Assumption only · ends Nov 2052$336,043
New conventional · ends Dec 2056$498,192