Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,255/mo
Lowest payment- Down payment
- $23,669
- Funds due
- $33,506
- Interest + MI left
- $295,802
- First ends
- Sep 2052
New loan
New conventional
$2,358/mo
+$103/mo- Down payment
- $33,563
- Funds due
- $41,299
- Interest + MI left
- $458,097
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $311,956 | $302,062 |
| Second mortgage | — | — |
| First P&I | $1,812.59 | $2,091.42 |
| Second P&I | — | — |
| Mortgage insurance | $236.47 | $60.41 |
| Taxes, insurance & HOA | $206.08 | $206.08 |
| Total housing payment | $2,255.14 | $2,357.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,669
Closing costs & prepaids$9,837
Usable credit−$0
Total buyer cash needed$33,506
Earnest money paid−$0
Remaining funds due$33,506
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,356.25
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)$168.25
Prepaid interest, first (2 days)$87.18
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 10 moOf the original 30-year loan at 5.100%
Interest already paid$68,745Through Nov 2026
Assumption only · ends Sep 2052$295,802
New conventional · ends Dec 2056$458,097