Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,209/mo
Lowest payment- Down payment
- $38,619
- Funds due
- $48,964
- Interest + MI left
- $227,884
- First ends
- May 2052
New loan
New conventional
$2,636/mo
+$427/mo- Down payment
- $36,490
- Funds due
- $44,704
- Interest + MI left
- $498,056
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $326,281 | $328,410 |
| Second mortgage | — | — |
| First P&I | $1,659.46 | $2,273.84 |
| Second P&I | — | — |
| Mortgage insurance | $253.50 | $65.68 |
| Taxes, insurance & HOA | $296.08 | $296.08 |
| Total housing payment | $2,209.05 | $2,635.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,619
Closing costs & prepaids$10,346
Usable credit−$0
Total buyer cash needed$48,964
Earnest money paid−$0
Remaining funds due$48,964
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,649.00
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)$438.25
Prepaid interest, first (1 days)$33.61
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 6 moOf the original 30-year loan at 3.760%
Interest already paid$58,005Through Nov 2026
Assumption only · ends May 2052$227,884
New conventional · ends Dec 2056$498,056