Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,656/mo
+$167/mo- Down payment
- $3,733
- Funds due
- $13,842
- Interest + MI left
- $367,479
- First ends
- Sep 2052
New loan
New conventional
$2,489/mo
Lowest payment- Down payment
- $34,500
- Funds due
- $42,473
- Interest + MI left
- $470,894
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $341,267 | $310,500 |
| Second mortgage | — | — |
| First P&I | $2,122.27 | $2,149.84 |
| Second P&I | — | — |
| Mortgage insurance | $256.76 | $62.10 |
| Taxes, insurance & HOA | $276.83 | $276.83 |
| Total housing payment | $2,655.86 | $2,488.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$3,733
Closing costs & prepaids$10,110
Usable credit−$0
Total buyer cash needed$13,842
Earnest money paid−$0
Remaining funds due$13,842
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,450.00
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)$380.50
Prepaid interest, first (1 days)$54.04
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 10 moOf the original 30-year loan at 5.780%
Interest already paid$84,897Through Nov 2026
Assumption only · ends Sep 2052$367,479
New conventional · ends Dec 2056$470,894