Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,490/mo
Lowest payment- Down payment
- $35,894
- Funds due
- $48,369
- Interest + MI left
- $427,150
- First ends
- Aug 2052
New loan
New conventional
$3,608/mo
+$118/mo- Down payment
- $47,500
- Funds due
- $57,724
- Interest + MI left
- $648,331
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $439,105 | $427,499 |
| Second mortgage | — | — |
| First P&I | $2,594.37 | $2,959.92 |
| Second P&I | — | — |
| Mortgage insurance | $332.79 | $85.50 |
| Taxes, insurance & HOA | $562.50 | $562.50 |
| Total housing payment | $3,489.67 | $3,607.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,894
Closing costs & prepaids$12,476
Usable credit−$0
Total buyer cash needed$48,369
Earnest money paid−$0
Remaining funds due$48,369
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,749.99
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,187.50
Prepaid interest, first (1 days)$63.16
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 9 moOf the original 30-year loan at 5.250%
Interest already paid$101,596Through Nov 2026
Assumption only · ends Aug 2052$427,150
New conventional · ends Dec 2056$648,331