Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,174/mo
Lowest payment- Down payment
- $15,558
- Funds due
- $25,188
- Interest + MI left
- $287,258
- First ends
- Oct 2052
New loan
New conventional
$2,180/mo
+$6/mo- Down payment
- $30,000
- Funds due
- $37,555
- Interest + MI left
- $409,473
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $284,442 | $270,000 |
| Second mortgage | — | — |
| First P&I | $1,702.68 | $1,869.43 |
| Second P&I | — | — |
| Mortgage insurance | $214.54 | $54.00 |
| Taxes, insurance & HOA | $256.83 | $256.83 |
| Total housing payment | $2,174.05 | $2,180.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,558
Closing costs & prepaids$9,630
Usable credit−$0
Total buyer cash needed$25,188
Earnest money paid−$0
Remaining funds due$25,188
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,000.00
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)$320.50
Prepaid interest, first (2 days)$84.32
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 11 moOf the original 30-year loan at 5.410%
Interest already paid$64,989Through Nov 2026
Assumption only · ends Oct 2052$287,258
New conventional · ends Dec 2056$409,473