Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,154/mo
Lowest payment- Down payment
- $37,539
- Funds due
- $47,225
- Interest + MI left
- $293,337
- First ends
- Oct 2052
New loan
New conventional
$2,299/mo
+$145/mo- Down payment
- $32,800
- Funds due
- $40,376
- Interest + MI left
- $447,691
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $290,461 | $295,200 |
| Second mortgage | — | — |
| First P&I | $1,738.71 | $2,043.91 |
| Second P&I | — | — |
| Mortgage insurance | $219.08 | $59.04 |
| Taxes, insurance & HOA | $196.25 | $196.25 |
| Total housing payment | $2,154.05 | $2,299.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,539
Closing costs & prepaids$9,687
Usable credit−$0
Total buyer cash needed$47,225
Earnest money paid−$0
Remaining funds due$47,225
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,280.00
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)$138.75
Prepaid interest, first (1 days)$43.05
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 11 moOf the original 30-year loan at 5.410%
Interest already paid$66,364Through Nov 2026
Assumption only · ends Oct 2052$293,337
New conventional · ends Dec 2056$447,691