Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,350/mo
Lowest payment- Down payment
- $36,096
- Funds due
- $46,614
- Interest + MI left
- $257,551
- First ends
- Jun 2052
New loan
New conventional
$2,694/mo
+$344/mo- Down payment
- $36,990
- Funds due
- $45,397
- Interest + MI left
- $504,880
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $333,804 | $332,910 |
| Second mortgage | — | — |
| First P&I | $1,770.23 | $2,305.00 |
| Second P&I | — | — |
| Mortgage insurance | $257.34 | $66.58 |
| Taxes, insurance & HOA | $322.67 | $322.67 |
| Total housing payment | $2,350.24 | $2,694.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,096
Closing costs & prepaids$10,518
Usable credit−$0
Total buyer cash needed$46,614
Earnest money paid−$0
Remaining funds due$46,614
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,699.00
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)$518.00
Prepaid interest, first (2 days)$76.27
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 7 moOf the original 30-year loan at 4.170%
Interest already paid$64,329Through Nov 2026
Assumption only · ends Jun 2052$257,551
New conventional · ends Dec 2056$504,880