Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,214/mo
Lowest payment- Down payment
- $36,100
- Funds due
- $46,379
- Interest + MI left
- $233,206
- First ends
- May 2052
New loan
New conventional
$2,629/mo
+$415/mo- Down payment
- $37,000
- Funds due
- $45,143
- Interest + MI left
- $505,017
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $333,900 | $333,000 |
| Second mortgage | — | — |
| First P&I | $1,698.21 | $2,305.62 |
| Second P&I | — | — |
| Mortgage insurance | $259.42 | $66.60 |
| Taxes, insurance & HOA | $256.75 | $256.75 |
| Total housing payment | $2,214.38 | $2,628.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,100
Closing costs & prepaids$10,280
Usable credit−$0
Total buyer cash needed$46,379
Earnest money paid−$0
Remaining funds due$46,379
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,700.00
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)$320.25
Prepaid interest, first (1 days)$34.40
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 6 moOf the original 30-year loan at 3.760%
Interest already paid$59,360Through Nov 2026
Assumption only · ends May 2052$233,206
New conventional · ends Dec 2056$505,017