Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,772/mo
Lowest payment- Down payment
- $26,746
- Funds due
- $37,625
- Interest + MI left
- $346,591
- First ends
- Oct 2052
New loan
New conventional
$2,912/mo
+$141/mo- Down payment
- $39,900
- Funds due
- $48,601
- Interest + MI left
- $544,599
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $372,254 | $359,100 |
| Second mortgage | — | — |
| First P&I | $2,135.45 | $2,486.34 |
| Second P&I | — | — |
| Mortgage insurance | $282.09 | $71.82 |
| Taxes, insurance & HOA | $354.17 | $354.17 |
| Total housing payment | $2,771.71 | $2,912.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,746
Closing costs & prepaids$10,878
Usable credit−$0
Total buyer cash needed$37,625
Earnest money paid−$0
Remaining funds due$37,625
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,990.00
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)$321.50
Initial HOA (3 months)$291.00
Prepaid interest, first (1 days)$50.89
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 11 moOf the original 30-year loan at 4.990%
Interest already paid$78,642Through Nov 2026
Assumption only · ends Oct 2052$346,591
New conventional · ends Dec 2056$544,599