Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,255/mo
Lowest payment- Down payment
- $34,097
- Funds due
- $46,210
- Interest + MI left
- $422,311
- First ends
- Sep 2052
New loan
New conventional
$3,304/mo
+$49/mo- Down payment
- $46,990
- Funds due
- $56,957
- Interest + MI left
- $618,364
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $435,803 | $422,910 |
| Second mortgage | — | — |
| First P&I | $2,569.68 | $2,864.94 |
| Second P&I | — | — |
| Mortgage insurance | $330.36 | $84.58 |
| Taxes, insurance & HOA | $354.67 | $354.67 |
| Total housing payment | $3,254.71 | $3,304.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,097
Closing costs & prepaids$12,113
Usable credit−$0
Total buyer cash needed$46,210
Earnest money paid−$0
Remaining funds due$46,210
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,699.00
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$564.00
Prepaid interest, first (6 days)$374.67
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 9 moOf the original 30-year loan at 5.23%
Interest already paid$100,460Through Dec 2026
Assumption only · ends Sep 2052$422,311
New conventional · ends Jan 2057$618,364