Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,319/mo
Lowest payment- Down payment
- $31,366
- Funds due
- $41,822
- Interest + MI left
- $244,232
- First ends
- Apr 2052
New loan
New conventional
$2,672/mo
+$353/mo- Down payment
- $36,900
- Funds due
- $45,249
- Interest + MI left
- $503,652
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $337,634 | $332,100 |
| Second mortgage | — | — |
| First P&I | $1,750.22 | $2,299.39 |
| Second P&I | — | — |
| Mortgage insurance | $262.20 | $66.42 |
| Taxes, insurance & HOA | $306.17 | $306.17 |
| Total housing payment | $2,318.59 | $2,671.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,366
Closing costs & prepaids$10,456
Usable credit−$0
Total buyer cash needed$41,822
Earnest money paid−$0
Remaining funds due$41,822
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,690.00
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)$468.50
Prepaid interest, first (2 days)$72.52
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 5 moOf the original 30-year loan at 3.920%
Interest already paid$63,725Through Nov 2026
Assumption only · ends Apr 2052$244,232
New conventional · ends Dec 2056$503,652