Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,728/mo
Lowest payment- Down payment
- $28,286
- Funds due
- $39,519
- Interest + MI left
- $300,807
- First ends
- Apr 2052
New loan
New conventional
$2,974/mo
+$246/mo- Down payment
- $42,300
- Funds due
- $51,489
- Interest + MI left
- $556,646
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $394,714 | $380,700 |
| Second mortgage | — | — |
| First P&I | $2,102.63 | $2,578.99 |
| Second P&I | — | — |
| Mortgage insurance | $306.02 | $76.14 |
| Taxes, insurance & HOA | $319.17 | $319.17 |
| Total housing payment | $2,727.81 | $2,974.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,286
Closing costs & prepaids$11,232
Usable credit−$0
Total buyer cash needed$39,519
Earnest money paid−$0
Remaining funds due$39,519
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,230.00
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)$507.50
Prepaid interest, first (6 days)$269.92
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 4 moOf the original 30-year loan at 4.16%
Interest already paid$80,431Through Dec 2026
Assumption only · ends Apr 2052$300,807
New conventional · ends Jan 2057$556,646