Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,387/mo
Lowest payment- Down payment
- $40,116
- Funds due
- $51,240
- Interest + MI left
- $209,447
- First ends
- May 2052
New loan
New conventional
$2,809/mo
+$422/mo- Down payment
- $34,000
- Funds due
- $43,046
- Interest + MI left
- $464,070
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $299,884 | $306,000 |
| Second mortgage | — | — |
| First P&I | $1,525.20 | $2,118.68 |
| Second P&I | — | — |
| Mortgage insurance | $232.99 | $61.20 |
| Taxes, insurance & HOA | $628.92 | $628.92 |
| Total housing payment | $2,387.11 | $2,808.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,116
Closing costs & prepaids$11,124
Usable credit−$0
Total buyer cash needed$51,240
Earnest money paid−$0
Remaining funds due$51,240
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,400.00
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)$1,436.75
Prepaid interest, first (2 days)$61.78
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 6 moOf the original 30-year loan at 3.760%
Interest already paid$53,312Through Nov 2026
Assumption only · ends May 2052$209,447
New conventional · ends Dec 2056$464,070