Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,774/mo
Lowest payment- Down payment
- $32,665
- Funds due
- $44,301
- Interest + MI left
- $265,737
- First ends
- May 2052
New loan
New conventional
$3,134/mo
+$360/mo- Down payment
- $39,200
- Funds due
- $48,708
- Interest + MI left
- $535,045
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $359,335 | $352,800 |
| Second mortgage | — | — |
| First P&I | $1,875.07 | $2,442.72 |
| Second P&I | — | — |
| Mortgage insurance | $278.20 | $70.56 |
| Taxes, insurance & HOA | $620.67 | $620.67 |
| Total housing payment | $2,773.94 | $3,133.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,665
Closing costs & prepaids$11,636
Usable credit−$0
Total buyer cash needed$44,301
Earnest money paid−$0
Remaining funds due$44,301
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,920.00
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)$329.00
Initial HOA (3 months)$1,083.00
Prepaid interest, first (2 days)$78.76
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 6 moOf the original 30-year loan at 4.000%
Interest already paid$67,834Through Nov 2026
Assumption only · ends May 2052$265,737
New conventional · ends Dec 2056$535,045