Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,723/mo
Lowest payment- Down payment
- $42,056
- Funds due
- $53,181
- Interest + MI left
- $316,408
- First ends
- Jun 2052
New loan
New conventional
$3,014/mo
+$291/mo- Down payment
- $40,990
- Funds due
- $49,961
- Interest + MI left
- $559,477
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $367,844 | $368,910 |
| Second mortgage | — | — |
| First P&I | $2,055.27 | $2,554.26 |
| Second P&I | — | — |
| Mortgage insurance | $281.68 | $73.78 |
| Taxes, insurance & HOA | $385.83 | $385.83 |
| Total housing payment | $2,722.78 | $3,013.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,056
Closing costs & prepaids$11,126
Usable credit−$0
Total buyer cash needed$53,181
Earnest money paid−$0
Remaining funds due$53,181
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,099.00
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)$506.50
Initial HOA (3 months)$201.00
Prepaid interest, first (2 days)$94.13
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 7 moOf the original 30-year loan at 4.670%
Interest already paid$79,110Through Nov 2026
Assumption only · ends Jun 2052$316,408
New conventional · ends Dec 2056$559,477