Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,639/mo
Lowest payment- Down payment
- $3,987
- Funds due
- $13,058
- Interest + MI left
- $164,996
- First ends
- May 2052
New loan
New conventional
$1,759/mo
+$120/mo- Down payment
- $24,100
- Funds due
- $31,239
- Interest + MI left
- $317,144
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $237,013 | $216,900 |
| Second mortgage | — | — |
| First P&I | $1,207.80 | $1,469.36 |
| Second P&I | — | — |
| Mortgage insurance | $184.51 | $43.38 |
| Taxes, insurance & HOA | $246.42 | $246.42 |
| Total housing payment | $1,638.73 | $1,759.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$3,987
Closing costs & prepaids$9,071
Usable credit−$0
Total buyer cash needed$13,058
Earnest money paid−$0
Remaining funds due$13,058
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,410.00
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)$289.25
Prepaid interest, first (6 days)$146.49
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 5 moOf the original 30-year loan at 3.76%
Interest already paid$42,962Through Dec 2026
Assumption only · ends May 2052$164,996
New conventional · ends Jan 2057$317,144