Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,674/mo
Lowest payment- Down payment
- $27,643
- Funds due
- $38,709
- Interest + MI left
- $284,473
- First ends
- May 2052
New loan
New conventional
$3,074/mo
+$401/mo- Down payment
- $43,495
- Funds due
- $52,401
- Interest + MI left
- $593,663
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $407,304 | $391,452 |
| Second mortgage | — | — |
| First P&I | $2,071.54 | $2,710.33 |
| Second P&I | — | — |
| Mortgage insurance | $316.45 | $78.29 |
| Taxes, insurance & HOA | $285.83 | $285.83 |
| Total housing payment | $2,673.83 | $3,074.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,643
Closing costs & prepaids$11,066
Usable credit−$0
Total buyer cash needed$38,709
Earnest money paid−$0
Remaining funds due$38,709
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,349.47
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)$407.50
Prepaid interest, first (2 days)$83.92
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 6 moOf the original 30-year loan at 3.760%
Interest already paid$72,409Through Nov 2026
Assumption only · ends May 2052$284,473
New conventional · ends Dec 2056$593,663