Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,441/mo
+$222/mo- Down payment
- $3,343
- Funds due
- $14,917
- Interest + MI left
- $456,474
- First ends
- Sep 2052
New loan
New conventional
$3,219/mo
Lowest payment- Down payment
- $42,500
- Funds due
- $51,860
- Interest + MI left
- $580,085
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $421,656 | $382,499 |
| Second mortgage | — | — |
| First P&I | $2,629.92 | $2,648.35 |
| Second P&I | — | — |
| Mortgage insurance | $317.14 | $76.50 |
| Taxes, insurance & HOA | $494.00 | $494.00 |
| Total housing payment | $3,441.06 | $3,218.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$3,343
Closing costs & prepaids$11,574
Usable credit−$0
Total buyer cash needed$14,917
Earnest money paid−$0
Remaining funds due$14,917
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,249.99
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)$67.12
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 5.810%
Interest already paid$105,422Through Nov 2026
Assumption only · ends Sep 2052$456,474
New conventional · ends Dec 2056$580,085