Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,841/mo
Lowest payment- Down payment
- $36,880
- Funds due
- $49,125
- Interest + MI left
- $231,890
- First ends
- Mar 2052
New loan
New conventional
$3,492/mo
+$651/mo- Down payment
- $45,900
- Funds due
- $55,937
- Interest + MI left
- $626,494
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $422,120 | $413,100 |
| Second mortgage | — | — |
| First P&I | $1,957.75 | $2,860.22 |
| Second P&I | — | — |
| Mortgage insurance | $334.03 | $82.62 |
| Taxes, insurance & HOA | $549.17 | $549.17 |
| Total housing payment | $2,840.94 | $3,492.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,880
Closing costs & prepaids$12,246
Usable credit−$0
Total buyer cash needed$49,125
Earnest money paid−$0
Remaining funds due$49,125
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,590.00
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,147.50
Prepaid interest, first (1 days)$33.31
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 4 moOf the original 30-year loan at 2.880%
Interest already paid$60,189Through Nov 2026
Assumption only · ends Mar 2052$231,890
New conventional · ends Dec 2056$626,494