Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,851/mo
+$184/mo- Down payment
- $2,758
- Funds due
- $13,082
- Interest + MI left
- $369,232
- First ends
- Jul 2051
New loan
New conventional
$2,667/mo
Lowest payment- Down payment
- $37,999
- Funds due
- $46,154
- Interest + MI left
- $518,652
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $377,232 | $341,991 |
| Second mortgage | — | — |
| First P&I | $2,353.21 | $2,367.88 |
| Second P&I | — | — |
| Mortgage insurance | $267.21 | $68.40 |
| Taxes, insurance & HOA | $230.42 | $230.42 |
| Total housing payment | $2,850.83 | $2,666.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$2,758
Closing costs & prepaids$10,324
Usable credit−$0
Total buyer cash needed$13,082
Earnest money paid−$0
Remaining funds due$13,082
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,799.90
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)$55.25
Initial HOA (3 months)$186.00
Prepaid interest, first (1 days)$57.86
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 closing24 yr 8 moOf the original 30-year loan at 5.598%
Interest already paid$117,837Through Nov 2026
Assumption only · ends Jul 2051$369,232
New conventional · ends Dec 2056$518,652