Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,558/mo
Lowest payment- Down payment
- $38,817
- Funds due
- $50,108
- Interest + MI left
- $251,600
- First ends
- Aug 2052
New loan
New conventional
$2,734/mo
+$176/mo- Down payment
- $29,500
- Funds due
- $38,712
- Interest + MI left
- $402,649
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $256,183 | $265,500 |
| Second mortgage | — | — |
| First P&I | $1,521.23 | $1,838.27 |
| Second P&I | — | — |
| Mortgage insurance | $194.05 | $53.10 |
| Taxes, insurance & HOA | $842.75 | $842.75 |
| Total housing payment | $2,558.03 | $2,734.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,817
Closing costs & prepaids$11,290
Usable credit−$0
Total buyer cash needed$50,108
Earnest money paid−$0
Remaining funds due$50,108
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,950.00
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)$2,078.25
Prepaid interest, first (1 days)$37.20
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 5.300%
Interest already paid$59,820Through Nov 2026
Assumption only · ends Aug 2052$251,600
New conventional · ends Dec 2056$402,649