Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,809/mo
+$73/mo- Down payment
- $10,143
- Funds due
- $21,589
- Interest + MI left
- $314,983
- First ends
- Jul 2052
New loan
New conventional
$2,736/mo
Lowest payment- Down payment
- $33,500
- Funds due
- $42,923
- Interest + MI left
- $440,843
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $324,857 | $301,500 |
| Second mortgage | — | — |
| First P&I | $1,929.14 | $2,042.47 |
| Second P&I | — | — |
| Mortgage insurance | $246.90 | $60.30 |
| Taxes, insurance & HOA | $633.00 | $633.00 |
| Total housing payment | $2,809.04 | $2,735.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$10,143
Closing costs & prepaids$11,446
Usable credit−$0
Total buyer cash needed$21,589
Earnest money paid−$0
Remaining funds due$21,589
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,350.00
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)$402.00
Initial HOA (3 months)$1,047.00
Prepaid interest, first (9 days)$422.14
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 5.27%
Interest already paid$78,532Through Dec 2026
Assumption only · ends Jul 2052$314,983
New conventional · ends Jan 2057$440,843