Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,689/mo
+$9/mo- Down payment
- $3,991
- Funds due
- $14,940
- Interest + MI left
- $290,573
- First ends
- Jul 2052
New loan
New conventional
$2,681/mo
Lowest payment- Down payment
- $32,000
- Funds due
- $40,859
- Interest + MI left
- $436,771
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $316,009 | $288,000 |
| Second mortgage | — | — |
| First P&I | $1,819.61 | $1,994.05 |
| Second P&I | — | — |
| Mortgage insurance | $240.64 | $57.60 |
| Taxes, insurance & HOA | $629.17 | $629.17 |
| Total housing payment | $2,689.42 | $2,680.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$3,991
Closing costs & prepaids$10,949
Usable credit−$0
Total buyer cash needed$14,940
Earnest money paid−$0
Remaining funds due$14,940
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,200.00
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)$1,437.50
Prepaid interest, first (2 days)$86.23
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 8 moOf the original 30-year loan at 4.980%
Interest already paid$70,896Through Nov 2026
Assumption only · ends Jul 2052$290,573
New conventional · ends Dec 2056$436,771