Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,591/mo
Lowest payment- Down payment
- $29,602
- Funds due
- $40,308
- Interest + MI left
- $316,941
- First ends
- Aug 2052
New loan
New conventional
$2,613/mo
+$22/mo- Down payment
- $32,500
- Funds due
- $41,106
- Interest + MI left
- $443,596
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $295,398 | $292,500 |
| Second mortgage | — | — |
| First P&I | $1,839.60 | $2,025.21 |
| Second P&I | — | — |
| Mortgage insurance | $222.56 | $58.50 |
| Taxes, insurance & HOA | $529.17 | $529.17 |
| Total housing payment | $2,591.33 | $2,612.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,602
Closing costs & prepaids$10,706
Usable credit−$0
Total buyer cash needed$40,308
Earnest money paid−$0
Remaining funds due$40,308
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,250.00
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)$1,137.50
Prepaid interest, first (2 days)$93.56
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 9 moOf the original 30-year loan at 5.780%
Interest already paid$75,014Through Nov 2026
Assumption only · ends Aug 2052$316,941
New conventional · ends Dec 2056$443,596