Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,783/mo
Lowest payment- Down payment
- $42,838
- Funds due
- $56,190
- Interest + MI left
- $433,524
- First ends
- Jul 2052
New loan
New conventional
$4,078/mo
+$295/mo- Down payment
- $53,990
- Funds due
- $65,071
- Interest + MI left
- $736,915
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $497,062 | $485,910 |
| Second mortgage | — | — |
| First P&I | $2,786.92 | $3,364.34 |
| Second P&I | — | — |
| Mortgage insurance | $379.74 | $97.18 |
| Taxes, insurance & HOA | $616.58 | $616.58 |
| Total housing payment | $3,783.25 | $4,078.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,838
Closing costs & prepaids$13,352
Usable credit−$0
Total buyer cash needed$56,190
Earnest money paid−$0
Remaining funds due$56,190
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,399.00
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)$1,349.75
Prepaid interest, first (2 days)$128.56
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 8 moOf the original 30-year loan at 4.720%
Interest already paid$105,872Through Nov 2026
Assumption only · ends Jul 2052$433,524
New conventional · ends Dec 2056$736,915